The Mississippi legislature has handed a sales- and use-tax exemption on
the gross sales of cash, forex, and precious-metals bullion, which was signed
by Governor Tate Reeves on April 19. The legislation will take impact July 1, 2023.
Senator Juan Barnett sponsored Senate Bill 2862, which handed out of the
Senate by a vote of 52–0, and the Home by a vote of 115–0. The portion of
the legislation related to the numismatic and precious-metals bullion communities
is in Part 1:
(aaa) Gross sales of cash, forex, and bullion. For the needs of this
paragraph (aaa), the next phrases and phrases shall have the meanings
ascribed on this paragraph (aaa) until the context clearly signifies
in any other case:
(i) “Bullion” means a bar, ingot, or coin:
- Manufactured, in entire or partially, of gold, silver, platinum, or
palladium; - That was or is used solely as a medium of change, safety, or
commodity by any state, the US Authorities, or a overseas nation;
and - Bought based mostly on the intrinsic worth of the bar, ingot, or coin as a
valuable steel or collectible merchandise fairly than its type or consultant
worth as a medium of change.
(ii) “Coin or forex” means a coin or forex:
- Manufactured, in entire or partially, of gold, silver, different steel, or
paper; - That was or is used solely as a medium of change, safety, or
commodity by any state, the US Authorities, or a overseas nation;
and - Bought based mostly on the intrinsic worth of the coin or forex as a valuable
steel or collectible merchandise fairly than its type or consultant worth as a
medium of change.
“Coin or forex” doesn’t embrace a coin or forex that has been
included into jewellery.
Since 2021, payments have been routinely launched to exempt gross sales of cash
and precious-metals bullion from Mississippi’s gross sales and use tax. This
12 months, an unprecedented variety of payments searching for this exemption had been
launched in each the Home and Senate. Two of these payments, Home Bill
1661, and Senate Bill 2019, handed their respective chambers, had been
transmitted to the other chamber, and referred to committees for
consideration. Sadly, there was no additional motion by the committees
on both invoice, so that they died in committee.
Nonetheless, Home amendments to SB 2862 had been rejected by the Senate, and the
invoice was despatched to a convention committee, which reached a compromise on the
textual content; a report was filed and adopted by each chambers. The invoice was
enrolled and despatched to the governor, the place it was signed.
Norman Carnovale (The Coin Store Biloxi) spearheaded the native marketing campaign’s
efforts, supported by the Nationwide Coin & Bullion Affiliation and
others. Mississippi now joins 41 different states which have full or partial
sales-tax exemptions on the retail gross sales of cash, forex, and
precious-metals bullion. Of these states, 5 (Alaska, Delaware, Montana,
New Hampshire, and Oregon) haven’t any state gross sales tax in any respect, whereas the opposite
36 states have enacted laws and adopted rules to exempt such
merchandise. That leaves solely eight states and the District of Columbia
that also cost gross sales taxes on the retail gross sales of cash, forex, and
precious-metals bullion.
