SB33: Bill Text

LRB-0818/1

JK:amn

2023 - 2024 LEGISLATURE

2023 Senate BILL 33

February 3, 2023 - Introduced by Senators Stroebel, Cabral-Guevara, Felzkowski, Feyen, Nass, Quinn and Spreitzer, cosponsored by Representatives Sortwell, Schraa, Allen, Armstrong, Behnke, Bodden, Brooks, Gustafson, Moses, Murphy, Mursau, Penterman, Petersen, Rettinger, Tittl and Tusler. Referred to Committee on Universities and Revenue.

SB33,1,2 An Act to create 77.54 (70) of the statutes; relating to: a sales and use tax exemption for precious metal bullion.

Analysis by the Legislative Reference Bureau

This bill creates a sales and use tax exemption for precious metal bullion. The bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium.

Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.

For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB33,1 Section 1. 77.54 (70) of the statutes is created to read:

SB33,2,2 77.54 (70) (a) The sales price from the sale of and the use or other consumption of precious metal bullion. For purposes of this subsection, “precious metal bullion” means coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium and that are marked with weight, purity, and content or that a government authority minted on the basis of weight, purity, and content.

SB33,2,5 (b) This subsection does not apply to any other tangible personal property that contains, in whole or in part, precious metal bullion, such as jewelry, works of art, scrap metal, or electronics.

SB33,2,6 (End)