Introduced Version




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 bullion.

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)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

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 government;
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 medallions.
    (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; and
        (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.