SB248 Alabama 2020 Session
In Committee
Bill Summary
Sponsors
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.
Description
<p class="bill_description"> Under existing law, the sale of gold,
silver, platinum, and palladium bullion, or money
is exempt from sales and use tax until June 1,
2023</p><p class="bill_description">
Also under existing law, entities receiving
the tax exemption are required to report certain
information to the Department of Revenue</p><p class="bill_description">
This bill would amend the definition of
bullion, would extend the expiration date for the
sales and use tax exemption, and repeal the
reporting requirements</p><p class="bill_entitled_an_act"> To amend Section 40-23-4, as last amended by Act
2019-444, 2019 Regular Session, and Section 40-9-61, relating
to sales and use tax exemptions; to amend the definition of
bullion; to extend the exemption from sales and use tax for
the gross proceeds from the sales of gold, silver, platinum,
and palladium bullion, and money; and to delete reporting
requirements.
</p>
Subjects
Bullion
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 27, 2020 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB248 Alabama 2020 Session - Introduced |