HOUSE BILL No. 4863


     September 28, 1999, Introduced by Reps. Cassis, Vear, Bishop, Birkholz, Rick Johnson,
Patterson, Sanborn and Richner and referred to the Committee on Tax Policy.


        A bill to amend 1937 PA 94, entitled

   "Use tax act,"

   (MCL 205.91 to 205.111) by adding section 4u.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         SEC. 4U.  (1) THE TAX UNDER THIS ACT DOES NOT APPLY TO THE

 2    STORAGE, USE, OR CONSUMPTION OF INVESTMENT COINS AND BULLION.

 3         (2) AS USED IN THIS SECTION:

 4         (A) "BULLION" MEANS GOLD, SILVER, OR PLATINUM IN A BULK

 5    STATE, WHERE ITS VALUE DEPENDS ON ITS CONTENT RATHER THAN ITS

 6    FORM, WITH A PURITY OF NOT LESS THAN 900 PARTS PER 1,000.

 7         (B) "INVESTMENT COINS" MEANS NUMISMATIC COINS OR OTHER FORMS

 8    OF MONEY AND LEGAL TENDER MANUFACTURED OF GOLD, SILVER, PLATINUM,

 9    PALLADIUM, OR OTHER METAL AND ISSUED BY THE UNITED STATES

10    GOVERNMENT OR A FOREIGN GOVERNMENT WITH A FAIR MARKET VALUE

11    GREATER THAN THE FACE VALUE OF THE COINS.


   04287'99           Final page.                          CSC