The Kentucky Legislature recently passed HB 2, which was initially vetoed (in full) by the Governor on March 25, 2025 but was successfully overridden on March 27, 2025. Effectively, a broad-based exemption for bullion and currency now exists under HB 8 (2024) with a retroactive effective date of August 1, 2024. The Kentucky Department of Revenue has recently confirmed this position with Sovos.
Kentucky law defines “bullion” as bars, ingots or coins which are (i) made of gold, silver, platinum, platinum, or a combination of these metals; (ii) valued based on the content of the metal and not its form; and (iii) used, or have been used as a medium of exchange security, or commodity by any state, the United States government, or a foreign nation. “Currency” is defined as a coin or currency made of gold, silver, platinum, palladium or other metal or paper money that is or has been used as legal tender and is sold based on its value as a collectible item rather than the value as a medium of exchange.
