A big majority of states don't impose sales taxes on bullion and coins where they are considered investments. Unfortunately, the state I live in is New Mexico, who imposes sales taxes on bullion and coins.
The legislature, dominated by left-wing Democrats, are more interested in abortion and harassing gun owners and coming up with all kinds of ridiculous legislation during this legislative session.
Other states are trying to end sales taxes on bullion and coins, but there are some who are putting up roadblocks and tabling bills.
Numismatic News posted an article on the prospects of tax exemptions this year.
They begin it with:
In 2022, the state of Tennessee was the only state to adopt an exemption from sales taxes on retail sales of precious metals bullion, coins and also currency. Beyond that, the state of Alabama extended the expiration date of its existing bullion/coin/currency sales tax exemption from 2023 to 2028. In addition, several state legislatures that had bills introduced to revoke existing exemptions all adjourned without taking action on any of them.
Currently, there are five states that have no state sales tax (Alaska, Delaware, Montana, New Hampshire and Oregon). There are an additional 36 states that have adopted complete or partial sales tax exemptions on the retail sales of bullion/coins/currency. The state of Nevada, by regulatory action, exempts precious metals bullion and coins that do not sell for more than 50 percent above face value. There are eight states, along with the District of Columbia, that still require sales taxes to be collected on retail sales of such products: Hawaii, Kentucky, Maine, Mississippi, New Jersey, New Mexico, Vermont and Wisconsin.
In 2022, there were sales tax exemption bills in the legislatures of Hawaii, Kentucky, Mississippi and New Jersey that did not become law.
Now that 2023 is here, there are some renewed efforts to obtain bullion/coin/currency exemptions in several states.
To read more, go here.
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