SB248 Alabama 2020 Session

Updated Feb 27, 2020

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.
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.
Also under existing law, entities receiving the tax exemption are required to report certain information to the Department of Revenue.
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.
Subjects: Bullion

Read for the first time and referred to the Senate committee on Finance and Taxation Education