States which collect sales tax on Silver & Gold Bullion

There has been a positive trend recently to make constitutional silver and gold coins are the basis for their states currency. Currently there are 13 states that still collect sales tax on Precious metals bullion sales. With enough pressure, we can write our state legislators and get them to adapt these changes to the state tax codes.

Do not forget that the Great State of Texas has opened a Precious Metals Depository available to state residents only.

This chart shows each states current sales tax and their rank against one another. Much to my surprise, I see Tennessee as the #1 state @9.46%. Four states have Zero sales tax.

Here is the list of all states and if they charge sales tax for bullion sales. This list could come in handy when buying silver and gold through any bullion dealers which will add to your premium which will take longer to achieve a positive rate of return of your investment.

State Tax Rates on Bullion Silver & Gold Precious Metal Sales

Here are all the 50 states in the USSA and their current tax rates on physical precious metals.

Please note, do your own investigation as tax laws can change and the accuracy is based on current information.

Alabama – recently exempt.

Alaska – exempt.

Arizona – none.

Arkansas – sales taxes of 6.5% – 9.75% plus an additional local sale and use tax as high as 3.25% per transaction in some instances.

California – sales tax of 7.5% (and that is excluding municipality sales taxes like in Los Angeles). Exemption is on orders at or above $ 1,500.00 USD.

Colorado – none, except local municipality sales and use taxes as high as 7.5%.

Connecticut – sales tax rate of 6.5%. Exemption is on orders at or above $ 1,000.00 USD.

District of Columbia / Washington, D.C. – sales tax of 5.75%, no exemptions.

Delaware – none.

Florida – sales tax of 6%. Exemption is on orders at or above $ 500.00 USD.

Georgia – none.

Hawaii – none but all sales within the state are subject to a General Excise Tax (GET) of 4 to 4.712%.

Idaho – none.

Illinois – none, only exception being the South African Krugerrand for which the regular state sales tax of 6.25% is applied.

Indiana – sales tax of 7%.

Iowa – none.

Kansas – sales taxes of 6.5 to 11.25%.

Kentucky – sales tax of 6%.

Louisiana – sales tax of 4 to 11%. Exemption on orders at or above $1,000 USD.

Maine – sales tax of 5.5%.

Maryland – sales tax of 6%. Exemption on orders at or above $1,000 USD.

Massachusetts – sales tax of 6.25%. Exemption on orders at or above $1,000 USD (only exceptions being coins from South Africa and Namibia).

Michigan – none on bullion products at or above 90% purity.

Minnesota – charges a sales and use tax of 6.875%.

Mississippi – sales taxes of 7 to 7.25%.

Missouri – none.

Montana – none.

Nebraska – none.

Nevada – sales taxes from 6.85 to 8.1%.

New Hampshire – none.

New Jersey – sales tax of 7%.

New Mexico – has a Gross Receipts Tax of 5.125 to 8.6875%.

New York – sales taxes of 4 to 8.875%. Exemption on orders at or above $ 1,000.00 USD

North Carolina – none now.

North Dakota – none on .999 fine bullion but there is a sales tax of 5% for non-fine bullion products.

Ohio – now none.

Oklahoma – none of fine bullion products but there are sales taxes from 4.5 to 11% on non-fine bullion products.

Oregon – none.

Pennsylvania – none.

Rhode Island – none.

South Carolina – none.

South Dakota – none.

Tennessee – sales taxes of 7 to 9.75%.

Texas – none.

Utah – none.

Vermont – sales taxes from 6 to 7%.

Virginia – sales taxes from 5.3 to 6% in north Virginia. Exemption on orders over $ 1,000.00 USD.

Washington – none.

West Virginia – sales taxes from 6 to 7%.

Wisconsin – sales taxes from 5 to 5.6%.

Wyoming – none now.

Credit - SilverDoctors. https://www.silverdoctors.com/gold/gold-news/precious-metals-online-sales-tax-if-you-buy-gold-silver/

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