ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND AGRICULTURE COMMITTEE
STATEMENT TO
ASSEMBLY, No. 2812
with committee amendments
STATE OF NEW JERSEY
DATED: JUNE 3, 2024
The Assembly Commerce, Economic Development and Agriculture Committee reports favorably and with committee amendments Assembly Bill No. 2812.
As amended, this bill provides an exemption from the sales and use tax for the sale of investment metal bullion and investment coins.
The bill defines “investment metal bullion” as any elementary precious metal that has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, and palladium, and that is in such state or condition that its value depends upon its contents and not its form. Under the bill, the exemption would not apply to the sale of precious metals that have been assembled, fabricated, manufactured, or processed in one or more specific and customary industrial, professional, aesthetic, or artistic uses.
The bill defines “investment coin” as any numismatic coin manufactured of gold, silver, platinum, palladium, or any other metal, including non-precious metals. Under the bill, the exemption would not apply to the sale of jewelry or works of art made of coins, nor would it apply to the sale of commemorative medallions.
This bill was pre-filed for introduction in the 2024-2025 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.
As amended and reported by the committee, Assembly Bill No. 2812 is identical to Senate Bill No. 721 (1R), which was also reported by the committee on this date.
COMMITTEE AMENDMENTS:
The committee amendments insert the provisions of the bill into current statutory law that provides for a sales and use tax exemption on sales of gold or silver and storage thereof, in the form that can be traded on a contract market or an exchange.
The committee amendments remove the $1,000 fair market value threshold from the bill’s definition of “investment coin.”