2010 Maryland Code
TAX - GENERAL
TITLE 11 - SALES AND USE TAX
Subtitle 2 - Exemptions
Section 11-214.1 - Precious metal bullion and coins.
§ 11-214.1. Precious metal bullion and coins.
(a) Definitions.- In this section:
(1) "precious metal bullion or coins" means:
(i) any precious metal that has gone through a refining process and is in a state or condition such that its value depends on its precious metal content and not on its form; or
(ii) except as provided in paragraph (2) of this subsection, monetized bullion, coins, or other forms of money that:
1. are manufactured from precious metals; and
2. are or have in the past been used as a medium of exchange under the laws of the State, the United States, or a foreign nation; and
(2) "precious metal bullion or coins" does not include jewelry or a work of art made of precious metal bullion or coins.
(b) Exemption.- The sales and use tax does not apply to a sale of precious metal bullion or coins if the sale price is greater than $1,000.
[1990, ch. 584; 1991, ch. 55, § 1; 1995, ch. 623.]
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