From Money Metals News Service
Eagle, Idaho
Thursday, April 14, 2022
MONTGOMERY, Alabama -- With Gov. Kay Ivey's signature on sound money legislation today, Alabama has become the second state this year to expand its sales tax exemption involving gold and silver.
Alabama Senate Bill 13, championed by Sen. Tim Melson and Rep. Jamie Kiel, passed with unanimous support out of the Alabama Senate and then unanimously through the Alabama House before making it to the governor's desk.
... Dispatch continues below ...
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In 2019 Alabama originally removed sales taxes from most gold, silver, platinum, and palladium coins and bars. This year SB 13 clarified that the exemption covers all common forms of bullion, removed burdensome reporting requirements, and extended the sales tax exemption until 2028.
Backed by the Sound Money Defense League, Money Metals Exchange, and in-state supporters, SB 13 now fully ensures that Yellowhammer State citizens cannot be penalized with taxation when acquiring the monetary metals for investment, to protect their savings from the ravages of inflation, or any other reason.
Stefan Gleason, president of Money Metals Exchange, explained the importance of extending the sales tax exemption on precious metals: “Many states surrounding Alabama (Georgia and Florida) have cultivated pro-sound money environments, eliminating sales taxes on gold and silver. Alabama savers and investors are thankful that the legislature expanded and extended the state's exemption." ...
... For the remainder of the report:
https://www.moneymetals.com/news/2022/04/14/alabama-passes-sound-money-l... [2]
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