Category Archives: taxes

Arkansas Removes Taxes on Gold and Silver

By Money Metals Exchange …… House Bill 1718, the Arkansas Legal Tender Act, has become the law in the “Natural State”. Backed by sound money advocates and supporters throughout the state and nation, HB 1718 reaffirms gold and silver as legal tender, as well as ends all taxes on the purchase, sale, or exchange of […]

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Mississippi Ends Sales Tax on Gold and Silver

By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]

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Mississippi Ends Sales Tax on Gold and Silver

By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]

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Mississippi Ends Sales Tax on Gold and Silver

By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]

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Kentucky House Votes to End Sales Tax on Gold, Silver

By Stefan Gleason – Money Metals Exchange …… Responding to overwhelming grassroots support over the last three years, lawmakers in the Kentucky House of Representatives have voted today, March 9, 2023, to end the state’s controversial practice of imposing sales taxes on all purchases of precious metals. House Bill 360 (PDF Link), a sweeping sales […]

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Mississippi Legislature Votes to End Sales Tax on Gold and Silver

By Stefan Gleason – Money Metals Exchange ……   State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature. Senate Bill 2019 (PDF link), sponsored by Senator Chad […]

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Mississippi Legislature Votes to End Sales Tax on Gold and Silver

By Stefan Gleason – Money Metals Exchange ……   State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature. Senate Bill 2019 (PDF link), sponsored by Senator Chad […]

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Tennessee Governor Signs Full Repeal of Sales Taxes on Gold and Silver

By Stefan Gleason – Money Metals Exchange …… With Governor Bill Lee’s (R) signature on Friday, Tennessee has officially become the 42nd state in the United States to remove sales taxes from constitutional sound money (i.e., gold and silver). Tennessee’s House Bill 1874 and Senate Bill 1857, introduced by Representative Bud Hulsey (R-2) and Senator […]

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Tennessee to Become 42nd State to End Sales Taxes on Gold and Silver

By Stefan Gleason – Money Metals Exchange …… Both houses of the Tennessee legislature yesterday overwhelmingly passed bills that would make the Volunteer State the 42nd state in the U.S. to remove sales taxes from constitutional sound money (i.e., gold and silver). Tennessee’s House Bill 1874 and Senate Bill 1857, introduced by Representative Bud Hulsey […]

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Alabama Expands, Extends Sales Tax Exemption Involving Gold and Silver

By Stefan Gleason – Money Metals Exchange …… With Governor 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 State Senator Tim Melson (R) and Representative Jamie Kiel (R-18), passed with unanimous […]

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Virginia Bullion Sales-Tax Exemption Extended and Threshold Removed

By National Coin & Bullion Association (NCBA) ……   On March 2, Virginia governor Glenn Youngkin signed House Bill 3, which extends the sunset date for the sales-tax exemption on gold, silver, and platinum bullion and legal tender coins to June 30, 2025. Under the previous law, the exemption would have expired on June 30, […]

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2022 Could Be “Year of Sound Money” in States

By Jp Cortez – Money Metals Exchange …… Last year was a good year for state-level sound money legislation across the United States. 2022 could be even better. Building on the success enjoyed by sound money advocates in Arkansas and Ohio last year, more than a half dozen states are now considering legislation that rolls […]

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Precious Metals Service Awards Given to Arkansas, Ohio Coin Dealers

By National Coin & Bullion Association (NCBA) …… The National Coin & Bullion Association (NCBA) dealer-members Dan Hedges (Auro Industries in Little Rock, Arkansas) [Left] and David Miholer (The Executive Coin Company in Stow, Ohio) [Right] have received the association’s 2021 Diane Piret Memorial Outstanding Service Award for their continuous dedication and financial contributions to […]

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Oklahoma to Consider Holding Gold and Silver, Removing Income Taxes

By Jp Cortez – Money Metals Exchange …… On Thursday, January 20, an Oklahoma state representative introduced legislation that would enable the State Treasurer to protect Sooner State funds from inflation and financial risk by holding physical gold and silver. Introduced by State Representative Sean Roberts (R-36), HB 3681 would include physical gold and silver, […]

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Ohio Budget Bill Reinstates Investment Bullion and Coin Sales Tax Exemption

The Ohio 2022–2023 budget reinstates the sales tax exemption for the purchases of investment metal bullion and investment coins that was eliminated in the previous budget. Two bills, House Bill 268 and House Bill 110, had the possibility of reinstating the exemption, with the budget bill, HB110, succeeding. The Ohio Senate Finance Committee and Ohio […]

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NCBA Seeks Dealer Data to Help Combat State Efforts Against Bullion Sales Tax Exemptions

The National Coin & Bullion Association (NCBA) is fighting to preserve sales-tax exemptions on coins, paper money, and precious-metals bullion in 39 states, and we are also working to gain such an exemption in the 11 states that do not currently have one. We are currently seeking 400 coin and precious metals dealers to take […]

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Wyoming, Texas, Utah Top 2019 Sound Money Index — Vermont, Arkansas, New Jersey Among the Worst States

Precious Metals Dealer, Sound Money Group Rank the 50 States’ Gold and Silver Policies   By Money Metals Exchange …… “Is Your State Destroying Your Money?” asks the Sound Money Defense League and Money Metals Exchange with the release of the 2019 Sound Money Index. The index is the first index of its kind, ranking […]

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Community Voice Responses: Aug 27, 2019

From the August 2 Numismatic News E-Letter
Should the IRS be taxing Precious Metals IRA purchases?
Here are some answers sent in from our E-Newsletter readers.
 
Yes, tax the IRA bullion at time of purchase then eliminate tax at time of sale like the Roth IRA.    
Joe Gorak
Carlsbad, Calif

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Gold & Precious Metals News: Ohio Budget Kills Sales-Tax Exemption for Bullion, Coins

By Industry Council for Tangible Assets (ICTA) …… ICTA member Dave Miholer (Executive Coin Company, Stow, Ohio) brought to our attention in May that the Ohio 2020–2021 budget eliminated the sales-tax exemption on the purchases of investment metal bullion and investment coins. The budget plan also directs the state to begin collecting sales taxes on […]

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Gold & Silver PAC News – April/May 2019: Online Sales Tax Collection

By John Villavicencio for the Gold & Silver PAC ……   Gold & Silver News From the Political Coordinator   April showers bring… taxes The tax filing deadline for 2018 has come and gone, but what do you need to know for your 2019 taxes? If you sell on eBay or do business in California, keep […]

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Sweden wants to know who is hurt by cashlessness

Sweden is having second thoughts about its move toward abolishing cash, according to the Daily Mail.
The nation that reputedly is closest to reaching a cashless state is now considering the harm it might inflict on some of its people.
Young people and the elderly are spotlighted as potential victims of a cashless society

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Internet Sales Tax? Supreme Court Ruling Alarming

  Numismatists should be worried about how the hobby will be affected by a labyrinth of tax rules By Jeff Garrett for Numismatic Guaranty Corporation (NGC) …… Several months ago, I received the dreaded letter from the State of Kentucky notifying me that my company would be undergoing a four-year sales tax audit. Even though […]

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Precious Metals & Bullion News – Wyoming Ends All Taxation of Gold & Silver

By Money Metals Exchange …… Sound money activists rejoiced as the Wyoming Legal Tender Act (PDF) became law today. The bill restores constitutional, sound money in Wyoming. Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and […]

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Alabama Becomes 37th State with Bullion Sales Tax Exemption

By Industry Council for Tangible Assets …… On Tuesday, March 6, 2018, Alabama governor Kay Ivey signed into law Senate Bill 156 to exempt the gross proceeds from the sales of gold, silver, platinum, and palladium bullion, and money from sales and use tax for five years. The law is a sales-and-use tax exemption on […]

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Gold & Silver PAC January 2018 e-Newsletter:

By Scott Barman for the Gold & Silver PAC ….. Gold & Silver News From the Political Coordinator HAPPY NEW YEAR! A new year not only marks the beginning of the year but also a chance for a new beginning. For states whose legislature is part-time based on the state constitution, the sessions begin in earnest […]

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ICTA News: Exercise Caution with Gold IRA Home Storage, NC Dealer Wins Award

By Industry Council for Tangible Assets ….. Investors Should Exercise Caution Investing in Gold Individual Retirement Account with Home Storage Some precious-metals bullion dealers recently have been advertising “home storage” as a legal and beneficial option for storing bullion that may be invested in a gold individual retirement account (IRA). The “home storage” concept may conflict […]

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Confused Over GOP Tax Legislation and Like-Kind Exchanges? ICTA Can Help

By Industry Council for Tangible Assets ….. There is misinformation floating out around the dealer community intermingling “like-kind exchanges” and three different sections of the tax code (1031, 1099-b and bartering). The Industry Council for Tangible Assets (ICTA) has produced a white paper which goes into detail providing a comprehensive explanation of each section of […]

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Gold & Silver PAC December 2017 e-Newsletter: GOP Tax Bill Alert

By Scott Barman for the Gold & Silver PAC ….. Gold & Silver News From the Political Coordinator The most talked about and most complicated bill to analyze has been H.R. 1, the Tax Cuts and Jobs Act. While a lot of information has been talked about in the media, there have been many groups behind […]

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Gold & Silver PAC September 2017 e-Newsletter

By Scott Barman for the Gold & Silver PAC ….. Gold & Silver News From the Political Coordinator Hurricane Harvey has devastated southeast Texas. While Houston is getting most of the media coverage since it is the nation’s fourth largest city, the area of impact starts in the Corpus Christi area extending north of Galveston to […]

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Louisiana Coins and Precious Metals Bullion Exemption Enacted

By Industry Council for Tangible Assets ….. Last year, the Louisiana legislature, facing a $900 million deficit, held a special legislative session and increased Louisiana’s 4% sales tax to 5%. In addition to increasing the state sales tax, it eliminated nearly all tax exemptions and exclusions–including numismatic coins and precious metals bullion exemptions–for three months, […]

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Gold & Silver PAC March 2017 e-Newsletter: Tax Edition

By Scott Barman for the Gold & Silver PAC ….. It’s tax time. Some expert tips to make sure you are in compliance with the law. Internet Sales Tax Although congress has not had any discussions about interstate sales taxes for cross-state purchases, the National Governors Association (NGA) did have some discussions about the issue during […]

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CoinWeek News Wire for February 17, 2017

By Coinweek …. CoinWeek News Wire for February 17, 2017 Brain Food 1.) A walk through the coinage of ancient India “The first known coins of India, the silver bent bars of the Gandhara Janapada region (Afghanistan, which was part of India), were punch marked coins with symbols of flowers on each side dated 2500 […]

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FBI: Former New Jersey Coin Dealer Admits Identity Theft, Income Tax Evasion

By Federal Bureau of Investigation …. A former resident of Old Tappan, New Jersey, today admitted evading personal income taxes on more than $400,000 in income in 2013, U.S. Attorney Paul J. Fishman announced. William Dominick, 68, of Collier County, Florida, pleaded guilty before U.S. District Judge Anne E. Thompson in Trenton federal court to […]

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