SB13 Alabama 2022 Session

Summary

Primary Sponsor

Tim MelsonSenator

Republican

Session

Regular Session 2022

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

SB13 extends and clarifies the sales tax exemption for bullion and money, defines bullion more precisely, and waives related reporting requirements.

What This Bill Does

Extends the sales tax exemption for the gross proceeds from the sale of bullion (gold, silver, platinum, palladium) and money for a five-year period starting June 1, 2018, unless the Legislature extends it again. Specifies what counts as bullion: refined, at least 90% pure, with value tied to the market price of the underlying metal, and not jewelry or works of art. Repeals the reporting requirements from Act 2018-164 and clarifies that recipients of the bullion/money exemption do not have to file the information report under Section 40-9-61. Takes effect immediately after the Governor signs the act.

Who It Affects

• Consumers and businesses purchasing qualified bullion or money, who would not pay sales tax on those transactions or on the gross proceeds from such sales.
• Bullion dealers, banks, and other sellers handling bullion or money, who must ensure transactions meet the defined criteria to qualify for the exemption and adapt to the reporting changes.

Key Provisions

• The gross proceeds from the sale of bullion or money defined in Section 40-1-1(7) are exempt from Alabama sales/use tax for a five-year period starting June 1, 2018, unless extended by the Legislature.
• Bullion is defined as refined gold, silver, platinum, or palladium in bars, ingots, rounds, or coins that meet at least 90% purity, with value tied to the market price of the metal and not to external factors like rarity or condition; jewelry and works of art are excluded.
• Money, as defined in Section 40-1-1(7), is included in the exemption.
• Section 2 of Act 2018-164 is repealed to delete certain reporting requirements.
• Recipients of the bullion/money exemption are not required to file the information report under Section 40-9-61.
• The act becomes effective immediately upon passage and approval.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Bullion