(a) As used in this section: (1) 'Bullion' means a bar, ingot, or coin: (A) Manufactured in whole or in part of gold, silver, platinum, or palladium;(B) That was or is used solely as a medium of exchange, security, or commodity by any state, the United States Government, or a foreign nation; and(C) Sold based on the intrinsic value of the bar, ingot, or coin as a precious metal or collectible item rather than its form or representative value as a medium of exchange; and(2)(A) 'Coin or currency' means a coin or currency: (i) Manufactured in whole or in part of gold, silver, other metal, or paper;(ii) That was or is used solely as a medium of exchange, security, or commodity by any state, the United States Government, or a foreign nation; and(iii) Sold based on the intrinsic value of the coin or currency as a precious metal or collectible item rather than its form or representative value as a medium of exchange.(B) 'Coin or currency' does not include a coin or currency that has been incorporated into jewelry.(b) The gross receipts or gross proceeds derived from the sale of coins or currency or bullion are exempt from the gross receipts tax levied by this chapter and the compensating rporated into jewelry.(b) The gross receipts or gross proceeds derived from the sale of coins or currency or bullion are exempt from the gross receipts tax levied by this chapter and the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq.Added by Act 2021, No. 1109,§ 1, eff. 10/1/2021. (a) As used in this section: (1) 'Bullion' means a bar, ingot, or coin: (A) Manufactured in whole or in part of gold, silver, platinum, or palladium;(B) That was or is used solely as a medium of exchange, security, or commodity by any state, the United States Government, or a foreign nation; and(C) Sold based on the intrinsic value of the bar, ingot, or coin as a precious metal or collectible item rather than its form or representative value as a medium of exchange; and(2)(A) 'Coin or currency' means a coin or currency: (i) Manufactured in whole or in part of gold, silver, other metal, or paper;(ii) That was or is used solely as a medium of exchange, security, or commodity by any state, the United States Government, or a foreign nation; and(iii) Sold based on the intrinsic value of the coin or currency as a precious metal or collectible item rather than its form or representative value as a medium of exchange.(B) 'Coin or currency' does not include a coin or currency that has been incorporated into jewelry.(b) The gross receipts or gross proceeds derived from the sale of coins or currency or bullion are exempt from the gross receipts tax levied by this chapter and the compensating rporated into jewelry.(b) The gross receipts or gross proceeds derived from the sale of coins or currency or bullion are exempt from the gross receipts tax levied by this chapter and the compensating use tax levied by the Arkansas Compensating Tax Act of 1949, § 26-53-101 et seq.Added by Act 2021, No. 1109,§ 1, eff. 10/1/2021.
Arkansas Legal Code