PRINTER'S NO. 1180
No. 1008 Session of 1989
INTRODUCED BY ARMSTRONG AND SALVATORE, JUNE 8, 1989
REFERRED TO FINANCE, JUNE 8, 1989
AN ACT
1 Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
2 act relating to tax reform and State taxation by codifying
3 and enumerating certain subjects of taxation and imposing
4 taxes thereon; providing procedures for the payment,
5 collection, administration and enforcement thereof; providing
6 for tax credits in certain cases; conferring powers and
7 imposing duties upon the Department of Revenue, certain
8 employers, fiduciaries, individuals, persons, corporations
9 and other entities; prescribing crimes, offenses and
10 penalties," providing an exclusion from the sales tax of
11 certain gold and silver.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Section 204 of the act of March 4, 1971 (P.L.6,
15 No.2), known as the Tax Reform Code of 1971, is amended by
16 adding a clause to read:
17 Section 204. Exclusions from Tax.--The tax imposed by
18 section 202 shall not be imposed upon
19 * * *
20 (47) The sale at retail or use of monetized bullion,
21 nonmonetized gold or silver bullion, or numismatic coins if the
22 sale is by or through a person registered pursuant to the
1 Commodity Exchange Act (49 Stat. 1491, 7 U.S.C. § 1 et seq.) or
2 not required to be registered under the Commodity Exchange Act.
3 For purposes of this section, "monetized bullion" means coins or
4 other forms of money manufactured of gold, silver or other metal
5 used as a medium of exchange under the laws of this
6 Commonwealth, the United States, or any foreign nation. The term
7 also means gold medallion struck under authority of the American
8 Arts Gold Medallion Act (Title IV of Public Law 95-630, 92 Stat.
9 3679).
10 Section 2. This act shall take effect in 60 days.
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