Assembly Bill A10670

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10670
 
                           I N  A S S E M B L Y
 
                              March 20, 2026
                                ___________
 
 Introduced  by  M.  of  A.  CHLUDZINSKI -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation  to  exempting  precious  metal
   bullion sold for investment from retail sales taxes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph 27 of subdivision (a) of section 1115 of the  tax
 law,  as  amended by chapter 147 of the laws of 1995, is amended to read
 as follows:
   (27) Precious metal bullion sold for investment, provided that (i) the
 retailer, if so  required,  is  registered  pursuant  to  section  three
 hundred fifty-nine-e of the general business law and (ii) the receipt or
 consideration  given  or contracted to be given for such bullion depends
 only on the value of the metal content of such bullion. "Precious  metal
 bullion" means bars, ingots or coins of gold, silver, platinum, palladi-
 um, rhodium, ruthenium or iridium, but shall not include bars, ingots or
 coins  which have been manufactured, processed, assembled, fabricated or
 used for an industrial,  professional,  esthetic  or  artistic  purpose.
 Precious  metal  bullion  shall be deemed to be sold for investment when
 [it is sold for more than one thousand dollars  and]  the  purchaser  or
 user or agent of either of them holds it in the same form as when it was
 purchased  and does not manufacture, process, assemble or fabricate such
 bullion for its own use. For purposes of this paragraph, the receipt  or
 consideration  given or contracted to be given shall be deemed to depend
 only on the value of the metal content  if,  at  the  time  of  sale  or
 purchase  at  retail,  such receipt or consideration does not exceed (i)
 one hundred forty percent, with respect to silver  coins,  or  (ii)  one
 hundred  twenty percent, with respect to gold coins weighing one-quarter
 of an ounce or less, or (iii) one hundred fifteen percent, with  respect
 to  other  coins,  of  the greater of (A) the daily closing bullion cash
 price of such metal in the open market or (B) the coins' face  value  at
 prevailing  rates of exchange, or (iv), with respect to bars and ingots,
 one hundred fifteen percent of such bullion cash price  of  such  metal.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15206-02-6
              

 A. 10670                            2
 
 Where  there is no such closing price for such metal, the average of the
 bid and asked cash prices shall be substituted for such closing price.
   §  2.  This  act  shall  take effect on the first day of the sales tax
 quarterly period, as described in subdivision (b) of section 1136 of the
 tax law, next commencing at least 90 days  after  this  act  shall  have
 become a law and shall apply to sales made on or after such date.