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More states consider sales tax exemptions for monetary metals as Mississippi law takes effect
By Stefan Gleason
Money Metals News Service, Eagle, Idaho
Thursday, July 6, 2023
Assessing a state sales tax on the purchase of gold and silver is becoming an outmoded, indeed outrageous, practice -- but a small number of U.S. states still engage in it.
Several of the remaining seven states that tax all precious metals purchases are considering enacting their own exemptions, and just this week Mississippi bureaucrats formally stopped slapping these taxes on citizens.
In a culmination of a four-year campaign by Money Metals Exchange and the Sound Money Defense League, Mississippi Governor Tate Reeves signed Senate Bill 2862 in April and, as of July 1, all purchases of gold, silver, platinum, and palladium coins, bars, and rounds are fully exempt from sales tax in the Magnolia State.
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Mississippi follows Virginia (2022), Tennessee (2022), Ohio (2021), and Arkansas (2021). Meanwhile, New Jersey and Wisconsin could be the next two states to remove sales taxes from the monetary metals.
In fact, members of the New Jersey assembly unanimously voted last week to pass A5294, sending the bill to the state Senate for concurrence. And Wisconsin is expected to hold hearings on an exemption bill in September.
Hawaii, Kentucky, New Mexico, Vermont, Maine, New Jersey, and Wisconsin are the only remaining full sales tax states -- and none of them border each other.
That means these states are surrounded by tax-exempt states, increasing the pressure to act. ...
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