Title: Tax Exemption on Sales of Bullion

Summary: Expands exemption from sales tax on sales of bullion; removes single transaction requirement; removes requirement for certain documentation.

Full Text:
An act relating to tax exemption on sales of bullion; amending s. 212.08, F.S.; expanding an exemption from sales tax on sales of bullion; removing single transaction requirements; removing a requirement for certain documentation; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Paragraph (ww) of subsection (7) of section 212.08, Florida Statutes, is amended to read: 212.08 Sales, rental, use, consumption, distribution, and storage tax; specified exemptions.-The sale at retail, the rental, the use, the consumption, the distribution, and the storage to be used or consumed in this state of the followi ng are hereby specifically exempt from the tax imposed by this chapter. (7) MISCELLANEOUS EXEMPTIONS.-Exemptions provided to any entity by this chapter do not inure to any transaction that is otherwise taxable under this chapter when payment is made by a representative or employee of the entity by any means, including, but not limited to, cash, check, or credit card, even when that representative or employee is subsequently reimbursed by the entity. In addition, exemptions provided to any entity by this subsection do not inure to any transaction that is HB 6021 2025 otherwise taxable under this chapter unless the entity has obtained a sales tax exemption certificate from the department or the entity obtains or provides other documentation as required by the department. Eligible purchases or leases made with such a certificate must be in strict compliance with this subsection and departmental rules, and any person who makes an exempt purchase with a certificate that is not in strict compliance with this subsection and th erules is liable for and shall pay the tax. The department may adopt rules to administer this subsection. (ww) Bullion.-The sale of gold, silver, or platinum bullion, or any combination thereof,in a single transaction is exempt if the sales price excee ds $500. The dealer must maintain proper documentation, as prescribed by rule of the department, to identify that portion of a transaction which involves the sale of gold, silver, or platinum bullion and is exempt under this paragraph.Section 2. This act shall take effect July 1, 2025.