Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 2812 (June 3, 2024)

Summary

Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 2812, with committee amendments, State of New Jersey, dated June 3, 2024. The committee reports favorably and with committee amendments Assembly Bill No. 2812, which as amended provides an exemption from the sales and use tax for the sale of investment metal bullion and investment coins. The statement says the exemption would not apply to jewelry or works of art made of coins or to commemorative medallions. It says the committee amendments remove the $1,000 fair market value threshold from the definition of “investment coin,” and that as amended and reported the bill is identical to Senate Bill No. 721 (1R).

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“Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 2812 (June 3, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-06-03-ace-a2812-s1-5aaa004452/, SHA-256 b8aaf544ce01d9dc6236696fdd052bd2a4a0558e85ac0b265e75bdab4d8ae071.

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 2812
                         with committee amendments



       STATE OF NEW JERSEY
                             DATED: JUNE 3, 2024

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably and with committee
      amendments Assembly Bill No. 2812.
          As amended, this bill provides an exemption from the sales and use
      tax for the sale of investment metal bullion and investment coins.
          The bill defines “investment metal bullion” as any elementary
      precious metal that has been put through a process of smelting or
      refining, including, but not limited to, gold, silver, platinum, and
      palladium, and that is in such state or condition that its value depends
      upon its contents and not its form. Under the bill, the exemption
      would not apply to the sale of precious metals that have been
      assembled, fabricated, manufactured, or processed in one or more
      specific and customary industrial, professional, aesthetic, or artistic
      uses.
          The bill defines “investment coin” as any numismatic coin
      manufactured of gold, silver, platinum, palladium, or any other metal,
      including non-precious metals. Under the bill, the exemption would
      not apply to the sale of jewelry or works of art made of coins, nor
      would it apply to the sale of commemorative medallions.
          This bill was pre-filed for introduction in the 2024-2025 session
      pending technical review. As reported, the bill includes the changes
      required by technical review, which has been performed.
          As amended and reported by the committee, Assembly Bill No.
      2812 is identical to Senate Bill No. 721 (1R), which was also reported
      by the committee on this date.

      COMMITTEE AMENDMENTS:
          The committee amendments insert the provisions of the bill into
      current statutory law that provides for a sales and use tax exemption on
      sales of gold or silver and storage thereof, in the form that can be
      traded on a contract market or an exchange.
          The committee amendments remove the $1,000 fair market value
      threshold from the bill’s definition of “investment coin.”

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