New York S 7875: Relates to the sales and use tax exemption for certain transactions in precious metal bullion held for investment purposes

Bill Text

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S07875 Summary:

BILL NOS07875 

&nbsp

SAME ASSAME AS A08511

&nbsp

SPONSORGOUNARDES

&nbsp

COSPNSRCOMRIE

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MLTSPNSR

&nbsp

Amd §1115, Tax L

&nbsp

Requires that sales tax exempt precious metal bullion shall be purchased by a bank, a foreign government, the U.N. or the state, federal or local government.

Go to top S07875 Actions:

BILL NOS07875 

&nbsp

05/13/2025REFERRED TO BUDGET AND REVENUE

05/28/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO BUDGET AND REVENUE

02/10/2026REPORTED AND COMMITTED TO FINANCE

03/24/20261ST REPORT CAL.604

03/25/20262ND REPORT CAL.

03/26/2026ADVANCED TO THIRD READING 

06/05/2026COMMITTED TO RULES

Go to topS07875 Committee&nbspVotes:

Go to topS07875 Floor&nbspVotes:

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

Go to topS07875 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7875

 2025-2026 Regular Sessions

 IN SENATE

 May 13, 2025
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 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:

 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 precious
 7 metal bullion is being sold or bought by a central bank, a foreign
 8 government, the United Nations, the United States of America or any of
 9 the several states or territories thereof, or any of their instrumental-
 10 ities, agencies or political subdivisions (or any public corporation,
 11 including a public corporation created pursuant to an interstate
 12 compact, international treaty, or international agreement), and (iii)
 13 the receipt or consideration given or contracted to be given for such
 14 bullion depends only on the value of the metal content of such bullion.
 15 "Precious metal bullion" means bars, ingots or coins of gold, silver,
 16 platinum, palladium, rhodium, ruthenium or iridium, but shall not
 17 include bars, ingots or coins which have been manufactured, processed,
 18 assembled, fabricated or used for an industrial, professional, esthetic
 19 or artistic purpose. Precious metal bullion shall be deemed to be sold
 20 for investment when it is sold for more than one thousand dollars and
 21 the purchaser or user or agent of either of them holds it in the same
 22 form as when it was purchased and does not manufacture, process, assem-
 23 ble or fabricate such bullion for its own use. For purposes of this
 24 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

 S. 7875 2

 1 shall be deemed to depend only on the value of the metal content if, at
 2 the time of sale or purchase at retail, such receipt or consideration
 3 does not exceed (i) one hundred forty percent, with respect to silver
 4 coins, or (ii) one hundred twenty percent, with respect to gold coins
 5 weighing one-quarter of an ounce or less, or (iii) one hundred fifteen
 6 percent, with respect to other coins, of the greater of (A) the daily
 7 closing bullion cash price of such metal in the open market or (B) the
 8 coins' face value at prevailing rates of exchange, or (iv), with respect
 9 to bars and ingots, one hundred fifteen percent of such bullion cash
 10 price of such metal. Where there is no such closing price for such
 11 metal, the average of the bid and asked cash prices shall be substituted
 12 for such closing price.
 13 § 2. This act shall take effect on the first day of the quarterly
 14 sales tax period as set forth in subdivision (b) of section 1136 of the
 15 tax law next succeeding the thirtieth day after it shall have become a
 16 law; provided, however, that the comm