Text: SSB3244            Text: SSB3246


Senate Study Bill 3245

SENATE FILE BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CO=CHAIRPERSON ZIEMAN) Passed Senate, Date Passed House, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the exemption of sales and use taxes on the 2 purchase of coins, currency, or bullion. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6495SK 81 5 mg/je/5 PAG LIN 1 1 Section 1. Section 423.3, Code Supplement 2005, is amended 1 2 by adding the following new subsection: 1 3 NEW SUBSECTION. 89. a. The sales price from the sale of 1 4 coins, currency, or bullion. 1 5 b. For purposes of this subsection: 1 6 (1) "Bullion" means bars, ingots, or commemorative 1 7 medallions of gold, silver, platinum, palladium, or a 1 8 combination of these where the value of the metal depends on 1 9 its content and not the form. 1 10 (2) "Coins" or "currency" means a coin or currency made of 1 11 gold, silver, or other metal or paper which is or has been 1 12 used as legal tender. 1 13 EXPLANATION 1 14 This bill exempts the sales price from the sale of coins, 1 15 currency, or bullion from the sales and use taxes. "Coins" 1 16 and "currency" are defined to include metal or paper that is 1 17 or was used as legal tender. "Bullion" is defined to include 1 18 bars, ingots, or commemorative medallions of precious metals. 1 19 LSB 6495SK 81 1 20 mg:rj/je/5
Text: SSB3244            Text: SSB3246