Idaho Admin. Code r. 35.01.02.039 - BULLION, COINS, OR OTHER CURRENCY
Sections 63-3612, 63-3613, 63-3622V, Idaho Code
01.
Sales and Purchases of
Bullion. Sales and purchases of precious metal bullion and monetized
bullion are exempt from sales tax. (3-31-22)
a. Precious metal bullion is an elementary
precious metal, such as gold, silver, platinum, rhodium and chromium which has
been processed by smelting or refining and where the value of the metal depends
upon the content and not upon its form. (3-31-22)
b. Monetized bullion is a coin made of gold,
silver or other metals which has been, is or will be used as a medium of
exchange under the laws of this state, the United States or any foreign nation.
(3-31-22)
02.
Jewelry or Other Works of Art. The exemption does not extend to
coins or money sold to create jewelry or other works of art. The exemption also
does not extend to sales of coins whose values may be determined by their form,
and which are not minted or manufactured as currency. (3-31-22)
a. Sales of medallions, tokens or other coins
created to commemorate a historical event are taxable. However, sales of Idaho
commemorative medallions through the Office of the Treasurer of the state of
Idaho or its agents are exempt pursuant to Section
63-3622PP, Idaho Code.
(3-31-22)
b. Sales of precious
metal ingots are exempt from sales tax. Sales of jewelry items, such as belt
buckles, bracelets or necklaces, containing silver dollars or other legal
tender or ingots are taxable. (3-31-22)
c. Sales of coins, such as Krugerands the one
(1) ounce gold coins of the Republic of South Africa, are exempt, unless
incorporated into a jewelry item or other decoration.
(3-31-22)
Notes
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