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<p>[QUOTE=&quot;areich, post: 1487657, member: 37479&quot;]Effective September 1, 1989, precious metal bullion sold for investment is exempt from state and</p><p>local sales and compensating use taxes imposed under section 1115(a)(27) of the Tax Law, when</p><p>certain specified conditions are met.</p><p>&quot;Precious metal bullion&quot; means bars, ingots or coins of gold, silver, platinum, palladium, rhodium,</p><p>ruthenium or iridium. However, such bullion does not include coins of the Republic of South Africa</p><p>or bars, ingots of coins that have been manufactured, processed, assembled, fabricated or used for</p><p>an industrial, professional, esthetic or artistic purpose.</p><p>For the exemption to apply:</p><p>- the receipt or consideration given or contracted to be given for the bullion must depend only on</p><p>the value of the metal content of the bullion; and</p><p>- if applicable, the retailer must be registered as a broker or dealer with the New York Department</p><p>of State pursuant to the provisions of section 359-e of the General Business Law.</p><p>Precious metal bullion is sold for investment when the aggregate sale under a single invoice totals</p><p>more than $1,000.00 and the purchaser or user, or the agent of either, holds the bullion in the same</p><p>form as when purchased, without manufacturing, processing, assembling or fabricating the bullion.</p><p>Sales of bullion for greater than $1,000.00 that do not depend on the value of the metal content and</p><p>sales of bullion for less than $1,000.00 are subject to tax regardless of the purchaser&#039;s intent to hold</p><p>the bullion as an investment. Any bullion purchased exempt under the new provision of law but later</p><p>converted to self-use would be subject to $ sales or use tax, as the case may be.</p><p>The receipt or consideration given or contracted to be given is deemed to depend only on the value</p><p>of the metal content if, at the time of sale, the rece[/QUOTE]</p><p><br /></p>

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