HOUSE BILL No. 1765
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-2.5-5-42.
Synopsis: Sales tax exemption for coins and bullion. Provides a sales
and use tax exemption for investment coins and investment metal
Effective: July 1, 2007.
Borror, Austin, Davis
January 26, 2007, read first time and referred to Committee on Ways and Means.
First Regular Session 115th General Assembly (2007)
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HOUSE BILL No. 1765
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-2.5-5-42; (07)IN1765.1.1. -->
SECTION 1. IC 6-2.5-5-42 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2007]: Sec. 42. (a) As used in this section, "investment coins"
means numismatic coins or other forms of money and legal tender:
(1) manufactured from gold, silver, platinum, palladium, or
other metal; and
(2) issued by the United States government or a foreign
with a fair market value greater than the face value of the coins or
other forms of money and legal tender. The term does not include
jewelry or works of art made of coins or commemorative
(b) As used in this section, "investment metal bullion" means
any elementary precious metal, including gold, silver, platinum,
and palladium, that:
(1) has been put through a process of smelting or refining;
(2) is in a state or condition in which its value depends upon
its content and not its form.
The term does not include precious metal that has been assembled,
fabricated, manufactured, or processed for industrial, professional,
or artistic uses.
(c) Transactions involving:
(1) investment coins; or
(2) investment metal bullion;
are exempt from the state gross retail tax.
SOURCE: ; (07)IN1765.1.2. -->
SECTION 2. [EFFECTIVE JULY 1, 2007] IC 6-2.5-5-42, as added
by this act, applies to transactions that occur after June 30, 2007.