SB248 Alabama 2020 Session

Under existing law, the sale of gold, silver, platinum, and palladium bullion, or money is exempt from sales and use tax until June 1, 2023

Also under existing law, entities receiving the tax exemption are required to report certain information to the Department of Revenue

This bill would amend the definition of bullion, would extend the expiration date for the sales and use tax exemption, and repeal the reporting requirements

To amend Section 40-23-4, as last amended by Act 2019-444, 2019 Regular Session, and Section 40-9-61, relating to sales and use tax exemptions; to amend the definition of bullion; to extend the exemption from sales and use tax for the gross proceeds from the sales of gold, silver, platinum, and palladium bullion, and money; and to delete reporting requirements.