[Ed. Note: Utah now legally views physical silver and gold as legal tender — So Tex, eliminating sales tax on precious metals is a first good step, but now it’s time to send the FED a message & close the loop.]
by Dorothy Kosich, MineWeb.com
As of October 1, the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in Texas is now eliminated. It is the first time that a state has expanded an existing sales tax exemption for gold and silver.
Previously, Texans were paying 6.25% on all precious metals purchases under $1,000, a tax that was considered especially burdensome to small investors. Gov. Rick Perry signed H.B. 78 into law on June 14.
The legislation puts precious metals on a level playing field with other investments. Proponents of the legislation had asserted the exemption would attract coin shows, auctions and other events to Texas.
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