H 711

 BILL AS INTRODUCED  H.711
 2026  Page 1 of 2
1H.711
2 Introduced by Representatives Burtt of Cabot, Branagan of Georgia,
3Dobrovich of Williamstown, Hooper of Burlington, Labor of
4Morgan, Morgan, L. of Milton, Pritchard of Pawlet, and
5Tagliavia of Corinth
6 Referred to Committee on
7 Date:
8 Subject: Taxation; sales and use tax; sales tax exemption; precious metals
9 Statement of purpose of bill as introduced: This bill proposes to exempt sales
10 of precious metals purchased for investment from sales and use tax.
11    An act relating to a sales tax exemption for precious metals purchased for
12    investment
13 It is hereby enacted by the General Assembly of the State of Vermont:
14 Sec. 1. 32 V.S.A. § 9706 is amended to read:
15 § 9706. STATUTORY PURPOSE
16***
17    (pp) The statutory purpose of the exemption for precious metal bullion and
18 coins in subdivision 9741(57) of this title is to promote investment in gold and
19 silver.
                                                                   VT LEG #384985 v.1
 BILL AS INTRODUCED  H.711
 2026  Page 2 of 2
1 Sec. 2. 32 V.S.A. § 9741 is amended to read:
2 § 9741. SALES NOT COVERED
3    Retail sales and use of the following shall be exempt from the tax on retail
4 sales imposed under section 9771 of this title and the use tax imposed under
5 section 9773 of this title:
6***
7(57) Precious metal bullion or coins.
8(A) As used in this subdivision (57), “precious metal bullion or
9 coins” means personal property made of gold or silver that has undergone a
10 refining process and is in a state or condition in which the personal property’s
11 value is primarily determined by precious metal content. “Precious metal
12 bullion or coins” includes monetized bullion, coins, and other forms of money
13 manufactured from gold or silver and that have been used as a medium of
14 exchange under the laws of Vermont, the United States, or a foreign nation.
15(B) As used in this subdivision (57), “precious metal bullion or
16 coins” does not mean jewelry, a work of art made from precious metal bullion
17 or coins, or precious metals that have been processed or manufactured for
18 industrial, professional, or artistic use.
19 Sec. 3. EFFECTIVE DATE
20    This act shall take effect on July 1, 2026.
                                                                   VT LEG #384985 v.1