House narrows precious‑metals sales‑tax relief to purchases above $1,000 after amendment fails

The House considered a proposal to restore a sales‑and‑use tax exemption for purchases of precious metals, bullion, and coins. The committee-reported version would exempt purchases of $1,000 or more, returning the state to rules in place prior to a 2025 budget action that had broadened tax application.

Proponents argued the change restores stability to local precious‑metals dealers and offers modest tax relief for purchasers who use bullion as an investment. “If you purchase a million dollars of gold bullion, that would potentially be tax free under this transaction,” one floor leader said while urging adoption of the committee posture.

Opponents and amendment sponsors pushed to expand the exemption to all purchases, arguing the lower-income residents also deserve access to the same hedge against inflation that wealthier buyers enjoy. An amendment to drop the $1,000 threshold and make all purchases tax‑exempt was debated at length. Supporters of the amendment estimated modest fiscal effects (a few million dollars annually) and emphasized equity; committee sponsors warned the broader exemption risked defeating the bill and could disproportionately benefit large dealers.

On the recorded roll call the fuller exemption amendment failed, and the House did not change the bill’s $1,000 threshold; the measure was left in its committee‑reported posture and ordered toward third reading.

What happens next: The bill proceeds toward third reading. Sponsors said they will revisit whether a broader exemption is appropriate during future budget work or in a later session once more fiscal evidence is compiled.