Panel hears sales data as it advances bill exempting precious‑metal bullion from sales tax

Senate Bill 309 would exempt sales of precious metal bullion and coins from the state’s sales and use tax. Committee staff reviewed testimony submitted at the hearing and presented dealer sales figures purporting to show steep declines in in‑state sales after the 2025 imposition of sales tax on high‑value bullion transactions.

Staff summarized submitted dealer data in detail: for one dealer, 2024 sales were characterized as $1,500,000 and "six months since taking effect of the law, their sales dropped to, 300,000, a little over 300,000," the presenter said. Similar examples were provided for other dealers, with sales‑tax collections reported as minimal after the tax took effect. Members cited dealer testimony about customers crossing state lines and argued the exemption could preserve in‑state business.

Members also noted limited sponsorship from the opposite side of the aisle and asked whether anyone wanted to cosponsor the bill. The committee took a voice vote and the bill was advanced; the transcript records members saying there were no immediate cosponsors from across the aisle.

Lawmakers flagged the need to verify dealer data and to weigh potential revenue impacts against preserving local businesses; staff acknowledged the data came from dealers that testified and did not present a statewide, audited estimate in the committee hearing.