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SB 1552 Connecticut Senate · 2025 Regular Session

AN ACT ESTABLISHING A CONNECTICUT PRECIOUS METALS WORKING GROUP AND CONCERNING THE SALES AND USE TAXES EXEMPTION FOR CERTAIN COINS, BULLION AND LEGAL TENDER.

SB 1552 exempts the sale of gold/silver bullion (90% purity minimum), palladium bullion, platinum, rare coins, and foreign precious metal legal tender from Connecticut's sales tax starting January 1, 2026 - expanding the current exemption that previously required transactions over $1,000. It establishes a Connecticut Precious Metals Working Group to monitor market trends, inflation, and other states' legislation, reporting annually to relevant legislative committees starting in 2026. The bill directly affects precious metal sellers, investors, and the state treasury, which will lose an estimated $650,000 in 2026 and $1.3 million annually due to the tax change. The working group includes legislators, the Treasurer, and industry experts to inform future policy.
Issues: ✗ Budget & TaxesOpposes Budget & TaxesExempts precious metal sales from sales tax, reducing state revenue. Weakens fiscal management by decreasing tax base without offsetting measures.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Apr 2025
Committee Review
Floor Vote
Governor
Introduced Apr 2, 2025 Last action May 8, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Raised Bill → FIN Joint Favorable Substitute · 6 edits
MODERATE
The bill was substantially rewritten to remove most provisions about gold and silver legal tender status, bullion depositories, and gold-backed bonds. The remaining content now focuses on establishing a Connecticut Precious Metals Working Group to monitor market conditions and amending sales tax exemptions for certain precious metals transactions.
Scope change
The bill's scope narrowed significantly from comprehensive gold/silver legal tender and depository provisions to primarily a monitoring working group and sales tax exemption changes.
SCOPE

Removed provisions declaring gold and silver coins legal tender in Connecticut and requiring businesses to accept them.

FISCAL

Removed authorization for the Treasurer to issue gold-backed bonds with interest payable in gold or cash equivalents.

REQUIREMENT

Removed establishment of the Connecticut Bullion Depository with its storage facilities, savings accounts, and electronic account systems.

Reorganized the Precious Metals Working Group section to appear first in the bill, with minor wording changes to member designations.

DEFINITION

Added new sales tax exemption provision for rare/antique coins, bullion, and legal tender of any nation with specific purity requirements.

TIMELINE

Changed effective date for tax exemption provisions to January 1, 2026, with applicability to sales occurring on or after that date.

Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
9
Key actions
1
Committee
2
Apr 24, 2025
Upper · Passed
Joint Favorable Substitute
upper
Apr 2, 2025
Committee
REF. TO JOINT COMM. ON Finance, Revenue and Bonding
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.