Kentucky – Bill Would Exempt Certain Forms of Currency

SALT Report 1942 – The Kentucky State Legislature has pre-filed a bill that would exempt from sales and use tax certain forms of currency.  The language of BR155 reads as follows:

Any other provision of this chapter to the contrary notwithstanding, the terms “sale at retail,” “retail sale,” “use,” “storage,” and “consumption,” as used in this chapter, shall not include the sale, use, storage, or other consumption of:

(34) (a) Bullion; and

(b) Legal tender, currency, medallions, and gold or silver coinage issued by the Commonwealth of Kentucky, the United States government, or the government of any foreign country, excluding:

1. Commemorative medallions minted by private businesses or other states, and

2.  Medallions or coins that are incorporated into a pendant or other jewelry

This Act takes effect July 1, 2013.

For Further Information:

Kentucky State Legislature – BR155