California Revenue and Taxation Code

§ 6355

RTC § 6355 Effective Jan 1, 2024Div. 2 · Part 1 · Ch. 4 · Art. 1

Statute text

(a)There are exempted from the taxes imposed by this part the gross receipts from the sale in bulk of monetized bullion, nonmonetized gold or silver bullion, and numismatic coins that are substantially equivalent to transactions in securities or commodities through a national securities or commodities exchange and the storage, use, or other consumption in this state of monetized bullion, nonmonetized gold or silver bullion, and numismatic coins so sold.

(b)(1) A sale in bulk, for purposes of this section, shall be deemed to have occurred if the amount of monetized bullion, nonmonetized gold or silver bullion, and numismatic coins sold in the transaction totals, in market value, the sum of one thousand dollars ($1,000) or more, or its equivalent.

(2)The department shall adjust the one-thousand-dollar ($1,000) amount specified in paragraph (1) as follows:

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Legislative history

Amended by Stats. 2023, Ch. 511, Sec. 1. (SB 889) Effective January 1, 2024.