S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8511
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in  relation  to  the  sales  and  use  tax
   exemption  for certain transactions in precious metal bullion held for
   investment purposes
 
   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 PRECIOUS
 METAL BULLION IS BEING SOLD OR BOUGHT  BY  A  CENTRAL  BANK,  A  FOREIGN
 GOVERNMENT,  THE  UNITED NATIONS, THE UNITED STATES OF AMERICA OR ANY OF
 THE SEVERAL STATES OR TERRITORIES THEREOF, OR ANY OF THEIR INSTRUMENTAL-
 ITIES, AGENCIES OR POLITICAL SUBDIVISIONS (OR  ANY  PUBLIC  CORPORATION,
 INCLUDING  A  PUBLIC  CORPORATION  CREATED  PURSUANT  TO  AN  INTERSTATE
 COMPACT, INTERNATIONAL TREATY, OR INTERNATIONAL  AGREEMENT),  AND  (III)
 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, palladium,  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,  assem-
 ble  or  fabricate  such  bullion  for its own use. For purposes of this
 paragraph, the receipt or consideration given or contracted to be  given
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10975-02-5
              

 A. 8511                             2
 
 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. 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 quarterly
 sales tax period as set forth in subdivision (b) of section 1136 of  the
 tax  law  next succeeding the thirtieth day after it shall have become a
 law; provided, however, that the commissioner of  taxation  and  finance
 may  take any action with respect to the adoption, amendment, suspension
 or repeal of any rule or regulation relating to this act, and may estab-
 lish  any procedure necessary for the timely implementation of  this act
 on or before the date on which it shall have become a law.