Assembly Commerce, Economic Development and Agriculture Committee Statement to [First Reprint] Senate, No. 721, Dated June 3, 2024

Summary

Statement of the Assembly Commerce, Economic Development and Agriculture Committee of the State of New Jersey, dated June 3, 2024, reporting Senate Bill 721 (First Reprint) favorably. The bill exempts from the sales and use tax sales of investment metal bullion and investment coins. Investment metal bullion is smelted or refined precious metal such as gold, silver, platinum and palladium whose value depends on its contents rather than its form; investment coins are numismatic coins of any metal. The exemption does not cover precious metals processed for industrial or artistic uses, jewelry or works of art made of coins, or commemorative medallions. The bill is identical to Assembly Bill 2812.

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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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