USE TAX: EXEMPT BULLION - H.B. 4863 (H-1): COMMITTEE SUMMARY
House Bill 4863 (Substitute H-1 as passed by the House)
Sponsor: Representative Nancy Cassis
House Committee: Tax Policy
Senate Committee: Finance
Date Completed: 11-30-99
CONTENT
The bill would amend the Use Tax Act to exempt from the tax the storage, use, or consumption of bullion and investment coins.
Under the bill, "bullion" would mean "gold, silver, or platinum in a bulk state, where its value depends on its content rather than its form, with a purity of not less than 900 parts per 1,000". "Investment coins" would be numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and issued by the U.S. government or a foreign government with a fair market value greater than the face value of the coins.
Proposed MCL 205.94u - Legislative Analyst: G. Towne
FISCAL IMPACT
The bill would reduce use tax revenue an estimated $100,000. This loss in revenue would reduce School Aid Fund revenue by $67,000 and General Fund revenue by $33,000.
- Fiscal Analyst: J. WortleyS9900\s4863sa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.