Senate bill · S7875 (2025-26)

Relates to the sales and use tax exemption for certain transactions in precious metal bullion held for investment purposes

New York State Senate

Same as A8511, the matching bill in the Assembly.

Latest action Jun 5, 2026

Sponsor: Andrew Gounardes (State Senator, District 26, Democratic)

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From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 20, 2026. About our data

Summary

Requires that sales tax exempt precious metal bullion shall be purchased by a bank, a foreign government, the U.N. or the state, federal or local government.

Summary from NY Open Legislation. How we handle summaries

Amends the Tax Law.

Purpose, from the sponsor's memo

This bill would end the tax-free sale of precious metal bullion sold for investment for over $1,000

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Where it stands

Out of committee and scheduled for a vote by the full chamber.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

Committee

Budget And Revenue · New York State Senate

Also referred to Ways and Means · New York State Assembly.

Your position on this bill

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Cosponsors

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

Read on NY Senate

Democratic1

Shown in neutral colors by design; Agora is non-partisan.

Leroy Comrie

The sponsor's argument

Why Andrew Gounardes says this is needed

New York currently exempts precious metal bullion and coins sold for more than $1,000 from sales tax, defining "precious metal bullion" in Tax Law § 1115(a)(27) to mean bars, ingots, or coins of gold, silver, platinum, palladium, rhodium, ruthenium, or iridium. While some inves- tors purchase bullion coins as gifts or collectible items, others choose to invest in them for their perceived value as a means of maintaining purchasing power against inflation. While taxpayers do have to remit a capital gains tax at a rate of 28% on these collectibles when they go to sell them, this same sales tax exemption is not afforded to other valuable assets that are held for investment. In 2025, alone, two large multi-national banks purchased around $4 billion in gold bullion for investment as a hedge against losses on short positions. This sales tax exemption for high-value purchases of precious metal bullion costs the state a stunning $601 million in lost revenue.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Recorded votes

Vote: Committee vote · Finance
Senate FinanceMar 24, 2026Result: passed
(18) (4) (0) (0)
Vote: Committee vote · Budget And Revenue
Senate Budget And RevenueFeb 10, 2026Result: passed
(6) (1) (0) (0)
Vote: Committee vote · Budget And Revenue
Senate Budget And RevenueMay 28, 2025Result: passed
(6) (1) (0) (0)

Full history

Jun 5, 2026
In committee
COMMITTED TO RULES
NY Senate
Mar 26, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
Mar 25, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate
Mar 24, 2026
1ST Report CAL.604
1ST REPORT CAL.604
NY Senate
Feb 10, 2026
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate

Show full history (5 earlier events)

Jan 7, 2026
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
May 28, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
May 20, 2025
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
May 13, 2025
Referred to committee
REFERRED TO BUDGET AND REVENUE
NY Senate

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.