House File 56 - Introduced



                                       HOUSE FILE       
                                       BY  BOAL


    Passed House, Date               Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the exemption of sales and use taxes on the
  2    purchase of precious metals and rare coins by dealers.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1511YH 81
  5 mg/pj/5

PAG LIN



  1  1    Section 1.  Section 423.3, Code 2005, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  85.  The sales price from the sale of
  1  4 precious metals and rare coins of investment quality to
  1  5 dealers in precious metals and rare coins.
  1  6                           EXPLANATION
  1  7    This bill exempts the sales price from the purchase by
  1  8 dealers of precious metals and rare coins of investment
  1  9 quality from the sales and use taxes.
  1 10 LSB 1511YH 81
  1 11 mg/pj/5