Posted by: Kim_Hamilton on 09/22/2014 08:54 PM
Updated by: Kim_Hamilton on 09/22/2014 09:02 PM
Expires: 01/01/2019 12:00 AM
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BOE to Hear Updates on Fertilizer and Precious Metals
Sacramento, CA...Members of the California State Board of Equalization will consider and hear items that benefit hydroponic farmers and precious metals investors. The Board will also hear personal and franchise income, sales and use, and special tax appeals during its monthly meeting Tuesday, September, 23, 2014, at 450 N St., Room 121, in downtown Sacramento....
The Board will decide whether to approve and publish proposed amendments to Regulation 1588 regarding seeds, plants and fertilizers, which will include adding carbon dioxide (CO2) to the definition of fertilizer in the regulation. This proposed amendment would clarify that sales of carbon dioxide used in hydroponic farming may qualify for a sales and use tax exemption.
In other business, the current “bulk sales” exemption threshold for monetized bullion, non-monetized gold and silver bullion, and numismatic coins will remain at $1,500 for 2015. “Bulk sales” refer to the sales of coins or bullion having a market value of $1,500 or more. State law requires annual review of the threshold amount based upon the California Consumer Price Index (CCPI) by October 1st of each year. The threshold is adjusted in $500 increments.
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