SB248 Alabama 2020 Session

Summary

Primary Sponsor

Tim MelsonSenator

Republican

Session

Regular Session 2020

Title

Taxation, sales and use tax exemptions for bullion, bullion defined further, sales and use tax exemption extended, reporting requirements waived for certain recipients of tax exemption, Sec. 40-9-61, 40-23-4 am'd.

Summary

SB248 would extend the sales tax exemption for bullion and money and tighten the bullion definition, while removing the required reporting for exemption recipients.

What This Bill Does

The bill extends the sales and use tax exemption for the gross proceeds from the sale of bullion and money (gold, silver, platinum, palladium) for a defined period starting June 1, 2018, for ten years unless the Legislature extends it. It redefines bullion to be refined precious metal items whose value mainly depends on mass and purity, with specific purity and market-price-based value requirements, and it excludes jewelry and art. It repeals the requirement that entities receiving the bullion exemption must file information reports with the Department of Revenue.

Who It Affects

• Consumers and businesses in Alabama purchasing bullion or money, who would continue to benefit from the sales tax exemption during the extended period.
• Entities that currently receive the bullion exemption and are required to file information reports, who will no longer have to file those reports.

Key Provisions

• Extends the bullion and money sales tax exemption for a defined period beginning June 1, 2018 (ten years) and refines the bullion definition to require refined metal with sufficient mass/purity and market-price-based value, excluding jewelry or works of art.
• Repeals the reporting requirement for exemption recipients, removing the obligation to file information reports with the Department of Revenue.

AI-generated summary using openai/gpt-5-nano on Feb 23, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Bullion