ST. PAUL, Minn. (May 18, 2018) – On Wednesday, the Minnesota legislature gave final approval to a bill that would exempt the sale of gold and silver bullion coins from state sales and use tax, encouraging their use and taking another step toward breaking the Federal Reserve’s monopoly on money.
Rep. Jim Knoblach (R-St. Cloud) and Sen. Jerry Relph (R- St. Cloud) initially proposed the provision in separate bills filed in the House and the Senate. The language was later amended into House Bill 4385 (HB4385), a 203-page omnibus tax bill. The provision related to precious metals would exempt the sale of bullion coins from sales and use tax.
The bill defines bullion coins as any coin “containing silver, gold, platinum, palladium, or other precious metal.”
Precious metal bullion defined as “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” are already exempt from sales tax. Enactment of HB4385 would expand the exemption to include bullion coins.
After going through a conference committee process to iron out various amendments, both the House and Senate gave final approval of HB4385, …
Read more at The Tenth Amendment Center
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