New York A 10670: Exempts precious metal bullion sold for investment from retail sales taxes

Bill Text

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A10670 Summary:

BILL NOA10670 

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SAME ASNo Same As

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SPONSORChludzinski

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COSPNSRDeStefano, Brown E, Blankenbush, Angelino, Palmesano, Jensen, Hawley, Brabenec, Tague, Manktelow

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MLTSPNSR

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Amd §1115, Tax L

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Exempts precious metal bullion sold for investment from retail sales taxes.

Go to top A10670 Actions:

BILL NOA10670 

&nbsp

03/20/2026referred to ways and means

Go to topA10670 Committee&nbspVotes:

Go to topA10670 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10670 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10670

 IN ASSEMBLY

 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:

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

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

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