HBA-MPM H.B. 230 76(R)    BILL ANALYSIS


Office of House Bill AnalysisH.B. 230
By: West, George
Ways & Means
2/25/1999
Introduced



BACKGROUND AND PURPOSE 

Current law arbitrarily exempts from state sales tax purchases of gold,
silver, and collectible coins, as well as platinum, gold, and silver
bullion, equal to or greater than $1000.  This situation may discriminate
against a small investor in precious metals.  H.B. 230 reduces the current
taxable threshold for taxation from $1000 to $100. 

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that this bill does
not delegate  any additional rulemaking authority to a state officer,
department, agency, or institution. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 151.336(a), Tax Code, to decrease the total
sales threshold of gold, silver, collectible coins, or platinum, gold, or
silver bullion under Subchapter C from $1000 to $100 on which sales tax is
to be imposed.   

SECTION 2.  Effective date:  the first day of the calendar quarter
beginning on or after the date it            may take effect under Section
39, Article III, Texas Constitution.   
Makes application of this Act prospective, with the exception of its effect
for purposes of liability for and collection of those taxes.  

SECTION 3.  Emergency clause.