Minnesota Sales Tax for Precious Metals
As defined in state code MS 297A.67, Subdivision 34, the following bullion and numismatic items are EXEMPT from sales tax when shipped by Gainesville Coins to a Minnesota address:
- Gold, silver, platinum, or palladium bullion bars or rounds, refined to a purity of not less than .999 fine, sold according to its precious metal content and not form.
All other bullion or numismatic items and accessories sold by Gainesville Coins are subject to Minnesota state sales tax.
Minnesota Tax Code - Sales Tax Exemptions For Precious Metals
Minnesota Statutes 297A.67, Subdivision 34.
"Subd. 34. Precious metal bullion.
(a) Precious metal bullion is exempt. For purposes of this subdivision, "precious metal bullion" means bars or rounds that consist of 99.9 percent or more by weight of either gold, silver, platinum, or palladium and are marked with weight, purity, and content.
(b) The exemption under this subdivision does not apply to sales and purchases of jewelry, works of art, or scrap metal.
(c) The intent of this subdivision is to eliminate the difference in tax treatment between the sale of precious metal bullion and the sale of stock, bullion ETFs, bonds, and other investment instruments."
Tax By State
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia