NEW JERSEY – Legislation sponsored by Senator Doug Steinhardt that would exempt the sale of metal bullion and investment coins from sales tax was advanced Monday by the New Jersey Senate.
“This legislation will not only align New Jersey with the laws of other states, but it will treat investment bullion and investment coins like other investments, such as stocks, which are not subject to sales tax,” said Steinhardt (R-23). “This is a commonsense change to the tax law that would keep buyers in the state and allow New Jersey to remain competitive in the precious metals marketplace.”
Steinhardt’s bill, S-721, would provide an exemption from the sales and use tax for the sale of investment metal bullion and investment coins.
“Investment metal bullion” is any 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.
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, Steinhardt said.
