PRINTER'S NO. 1484
No. 1076 Session of 2006
INTRODUCED BY EARLL, WOZNIAK, M. WHITE, LEMMOND, GORDNER,
RAFFERTY, WONDERLING, COSTA, VANCE, C. WILLIAMS, BROWNE AND
WASHINGTON, JANUARY 26, 2006
REFERRED TO FINANCE, JANUARY 26, 2006
AN ACT
1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
2 act relating to tax reform and State taxation by codifying
3 and enumerating certain subjects of taxation and imposing
4 taxes thereon; providing procedures for the payment,
5 collection, administration and enforcement thereof; providing
6 for tax credits in certain cases; conferring powers and
7 imposing duties upon the Department of Revenue, certain
8 employers, fiduciaries, individuals, persons, corporations
9 and other entities; prescribing crimes, offenses and
10 penalties," providing a sales tax exclusion for the sale at
11 retail or use of investment metal bullion or investment
12 coins.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. Section 204(65) of the act of March 4, 1971
16 (P.L.6, No.2), known as the Tax Reform Code of 1971, is amended
17 by adding a clause to read:
18 Section 204. Exclusions from Tax.--The tax imposed by
19 section 202 shall not be imposed upon any of the following:
20 * * *
21 (65) The sale at retail or use of investment metal bullion
22 and investment coins. "Investment metal bullion" means any
1 elementary precious metal which has been put through a process
2 of smelting or refining, including, but not limited to, gold,
3 silver, platinum and palladium, and which is in such state or
4 condition that its value depends upon its content and not its
5 form. "Investment metal bullion" does not include precious metal
6 which has been assembled, fabricated, manufactured or processed
7 in one or more specific and customary industrial, professional,
8 aesthetic or artistic uses. "Investment coins" means numismatic
9 coins or other forms of money and legal tender manufactured of
10 gold, silver, platinum, palladium or other metal and of the
11 United States or any foreign nation with a fair market value
12 greater than any nominal value of such coins. "Investment coins"
13 does not include jewelry or works of art made of coins, nor does
14 it include commemorative medallions.
15 Section 2. This act shall take effect in 60 days.
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