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

Summary

Statement of the Assembly Commerce, Economic Development and Agriculture Committee, State of New Jersey, dated June 3, 2024, reporting favorably with committee amendments Assembly Bill No. 2812. As amended, the bill exempts the sale of investment metal bullion and investment coins from the sales and use tax. It defines investment metal bullion as smelted or refined precious metal, such as gold, silver, platinum and palladium, valued for its contents rather than its form, and excludes jewelry, works of art made of coins and commemorative medallions. The amendments remove the $1,000 fair market value threshold from the definition of "investment coin." The statement says 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

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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