Ordinance 1960-93 - Laserfiche WebLink

Section 15: Sales of Precious Metal Bullion and Monetized Bullion. A. For purposes of this chapter, the terms "wholesale sale, " "sale at wholesale, " "retail sale, " "sale at retail" do not include the sale of precious metal bullion or monetized bullion. B. In computing tax under this chapter on the business of making sales of precious metal bullion or monetized bullion, the tax shall be imposed on the amounts received as commissions upon transactions for the accounts of customers over and above the amount paid to other dealers associated in such transaction, but no deduction or offset is allowed on account of salaries or commissions paid to salesmen or other employees. C. For purposes of this section, "precious metal bullion" means any precious metal which has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, rhodium, and palladium, and which is in such state or condition that its value depends upon its contents and not upon its form. For purposes of this section, "monetized bullion" means coins or other forms of money manufactured from gold, silver, or other metals and heretofore, now, or hereafter used as a medium of exchange under the laws of this state, the United States, or any foreign nation, but does not include coins or money sold to be manufactured into jewelry or works of art. Section 16: Exemptions. The provisions of this chapter shall not apply to: A. Any person engaging in any business activity where the value of products, gross proceeds of sales or gross income of the business is less than three thousand dollars for a quarterly period or twelve thousand dollars if on a annual reporting basis; provided however, that where one person engages in more than one business activity and the combined measures of tax applicable to such businesses equal or exceed three thousand dollars for a quarterly period, no exemption or deduction from the amount of tax is allowed by this provision; provided further, that any person claiming exemption under the provisions of this subsection shall be required to file returns as provided herein, even though no tax may be due; B. All revenue subject to the Utilities business and occupation tax under Chapter 3 . 28, as amended, or revenues exempted from payment of the utility business and occupation tax under Chapter 3 . 28 by reason of payment of a franchise tax. 19