Senate Study Bill 3245





                                       SENATE FILE       
                                       BY  (PROPOSED COMMITTEE ON
                                            WAYS AND MEANS BILL BY
                                            CO=CHAIRPERSON ZIEMAN)


    Passed Senate, Date               Passed House,  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 coins, currency, or bullion.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 6495SK 81
  5 mg/je/5

PAG LIN



  1  1    Section 1.  Section 423.3, Code Supplement 2005, is amended
  1  2 by adding the following new subsection:
  1  3    NEW SUBSECTION.  89.  a.  The sales price from the sale of
  1  4 coins, currency, or bullion.
  1  5    b.  For purposes of this subsection:
  1  6    (1)  "Bullion" means bars, ingots, or commemorative
  1  7 medallions of gold, silver, platinum, palladium, or a
  1  8 combination of these where the value of the metal depends on
  1  9 its content and not the form.
  1 10    (2)  "Coins" or "currency" means a coin or currency made of
  1 11 gold, silver, or other metal or paper which is or has been
  1 12 used as legal tender.
  1 13                           EXPLANATION
  1 14    This bill exempts the sales price from the sale of coins,
  1 15 currency, or bullion from the sales and use taxes.  "Coins"
  1 16 and "currency" are defined to include metal or paper that is
  1 17 or was used as legal tender.  "Bullion" is defined to include
  1 18 bars, ingots, or commemorative medallions of precious metals.
  1 19 LSB 6495SK 81
  1 20 mg:rj/je/5