New Mexico is one of the few states left that imposes a sales tax to precious metals on investors. The list is getting smaller as the Mississippi state legislature (both houses) voted overwhelmingly to end the practice.
The legislation is now headed for the governor's signature.
FXStreet reported:
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, sponsored by Sen. Chad McMahan (R – 6), passed yesterday out of the full senate by a vote of 47-2. This afternoon, Rep. Jody Steverson’s identical House Bill 1661 passed out of the full house chamber on an overwhelming voice vote.
Backed by the Sound Money Defense League, Money Metals Exchange, and in-state Mississippi dealers and investors, the legislative effort built upon last year's momentum. In 2022, a similar sales tax exemption bill had passed out of the Mississippi House of Representatives overwhelmingly but it missed a deadline in the Senate needed to receive a hearing.
If Gov. Reeves signs the bill next week (or if he simply chooses not to veto it), Mississippi will become the 43rd state to exempt sales of sound money from state sales tax. The effective date is July 1, 2023.
Every one of Mississippi’s neighbors (Alabama, Louisiana, Kentucky, and Tennessee) have already stopped taxing the monetary metals. Most recently, Tennessee ended this tax in 2022, and Arkansas and Ohio eliminated this tax in 2021.
If the New Mexico legislature can get on the ball and eliminate the sales tax on precious metals, they will be joining a vast majority of states who have previously ended the practice.
To read more, go here.
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