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Assembly Commerce, Economic Development and Agriculture Committee Statement to Senate, No. 721 (June 3, 2024)

Summary

Assembly Commerce, Economic Development and Agriculture Committee statement to [First Reprint] Senate, No. 721, State of New Jersey, dated June 3, 2024. The committee reports favorably Senate Bill No. 721 (1R), which provides an exemption from the sales and use tax for the sale of investment metal bullion and investment coins. The statement defines “investment coin” as any numismatic coin manufactured of gold, silver, platinum, palladium, or any other metal, and says the exemption would not apply to commemorative medallions. It says that as reported the bill is identical to Assembly Bill No. 2812, which was amended and reported by the committee on this date.

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“Assembly Commerce, Economic Development and Agriculture Committee Statement to Senate, No. 721 (June 3, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-06-03-ace-s721-s2-01a0a8b56a/, SHA-256 989697ea940ae0e1e28aa4904dc9fa594ed3dbb2233f8beff26acc5b03b99f12.

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                          STATEMENT TO

                             [First Reprint]
                         SENATE, No. 721

       STATE OF NEW JERSEY
                             DATED: JUNE 3, 2024

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably Senate Bill No. 721 (1R).
          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 the sale of commemorative medallions.
          As reported by the committee, Senate Bill No. 721 (1R) is identical
      to Assembly Bill No. 2812, which was amended and reported by the
      committee on this date.

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