SB218 Alabama 2021 Session

Summary

Primary Sponsor

Tim MelsonSenator

Republican

Co-Sponsor

Shay Shelnutt

Session

Regular Session 2021

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

SB218 would extend the bullion and money sales tax exemption, rewrite what counts as bullion, and remove mandatory exemption reporting.

What This Bill Does

It extends the sales and use tax exemption for gross proceeds from the sale of gold, silver, platinum, and palladium bullion, and money, beyond the current expiration date. It changes the bullion definition to require refined metal with specific purity and value tied to the metal content rather than collectible value, and it excludes jewelry or works of art from qualifying as bullion. It also repeals the reporting requirements for exemption recipients.

Who It Affects

• People and businesses buying bullion or money in Alabama, who would not pay sales tax on those bullion purchases during the exemption period.
• Businesses and other entities that receive the exemption (exemption recipients), who would no longer be required to file exemption reports.

Key Provisions

• Provision 1: Extends the sales tax exemption for bullion and money and redefines bullion so refined bullion meeting purity and mass requirements qualifies, while excluding jewelry or art, and eliminates the mandatory exemption reporting.
• Provision 2: Repeals the reporting requirement for exemption recipients (and related provisions from Act 2018-164), with the act becoming effective immediately after passage.

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