New York legislation · 2025-2026 General Assembly
New York S7875: Relates to the sales and use tax exemption for certain transactions in precious metal bullion held for investment purposes
Status: In committee, June 5, 2026
Requires that sales tax exempt precious metal bullion shall be purchased by a bank, a foreign government, the U.N. or the state, federal or local government.
What the bill says
An act to amend the tax law, in relation to the sales and use tax exemption for certain transactions in precious metal bullion held for investment purposes.
From the introduced text, May 13, 2025:
AN ACT to amend the tax law, in relation to the sales and use tax exemption for certain transactions in precious metal bullion held for investment purposes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 27 of subdivision (a) of section 1115 of the tax law, as amended by chapter 147 of the laws of 1995, is amended to read as follows: (27) Precious metal bullion sold for investment, provided that (i) the retailer, if so required, is registered pursuant to section three hundred fifty-nine-e of the general business law, and (ii) THE PRECIOUS METAL BULLION IS BEING SOLD OR BOUGHT BY A CENTRAL BANK, A FOREIGN GOVERNMENT, THE UNITED NATIONS, THE UNITED STATES OF AMERICA OR ANY OF THE SEVERAL STATES OR TERRITORIES THEREOF, OR ANY OF THEIR INSTRUMENTALITIES, AGENCIES OR POLITICAL SUBDIVISIONS (OR ANY PUBLIC CORPORATION, INCLUDING A PUBLIC CORPORATION CREATED PURSUANT TO AN INTERSTATE COMPACT, INTERNATIONAL TREATY, OR INTERNATIONAL AGREEMENT), AND (III) the receipt or consideration given or contracted to be given for such bullion depends only on the value of the metal content of such bullion. "Precious metal bullion" means bars, ingots or coins of gold, silver, platinum, palladium, rhodium, ruthenium or iridium, but shall not include bars, ingots or coins which have been …
Sponsors
- Andrew Gounardes (D, 26) · primary sponsor
- Leroy Comrie (D, 14)
Latest actions
- : COMMITTED TO RULES
- : ADVANCED TO THIRD READING
- : 2ND REPORT CAL.
- : 1ST REPORT CAL.604
- : REPORTED AND COMMITTED TO FINANCE
- : REFERRED TO BUDGET AND REVENUE
- : REPORTED AND COMMITTED TO FINANCE
- : REFERRED TO BUDGET AND REVENUE
Votes
- Senate Finance Committee: COMMITTEE Vote (March 24, 2026): 18 yea, 4 nay, passed
- Finance Committee Vote (March 24, 2026): 18 yea, 4 nay, passed
- Senate Budget And Revenue Committee: COMMITTEE Vote (February 10, 2026): 6 yea, 1 nay, passed
- Senate Budget And Revenue Committee (February 10, 2026): 6 yea, 1 nay, passed
- Senate Budget And Revenue Committee: COMMITTEE Vote (May 28, 2025): 6 yea, 1 nay, passed
- FLOOR Vote (May 28, 2025): 58 yea, 1 nay, passed
Subjects: Tax Law
Common questions
- What is S7875?
- S7875 is a bill in the New York Legislature (2025-2026 General Assembly): Relates to the sales and use tax exemption for certain transactions in precious metal bullion held for investment purposes.
- What does S7875 do?
- In its own words: An act to amend the tax law, in relation to the sales and use tax exemption for certain transactions in precious metal bullion held for investment purposes.
- What is the status of S7875?
- In committee as of June 5, 2026. Latest action: COMMITTED TO RULES (June 5, 2026).
- Who sponsored S7875?
- Andrew Gounardes (D, 26), with 1 co-sponsor.
- Where is the official record for S7875?
- On the New York Legislature website: https://www.nysenate.gov/legislation/bills/2025/S7875
Source: official New York record. Tracked by Delilah, AI for legislation across all 50 states and Congress.