North Carolina State Sales Tax Requirements For Bullion & Collectibles Industry
The State of North Carolina requires the collection of privilege taxes on certain products sold by SilverTowne and delivered to a North Carolina address. These taxes must be collected on copper products any products that are not smelted or refined any coins that do not have a value beyond their statutory or nominal value accessory items and processed items. All other products sold by SilverTowne are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in North Carolina:
- Coins. A coin made of gold, silver, or other metal which is or has been used as legal tender.
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Privilege taxes in North Carolina are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in North Carolina set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in North Carolina.
Maine State Sales Tax Requirements For Bullion & Collectibles Industry
The State of Maine requires SilverTowne to collect sales taxes on all products sold by SilverTowne and delivered to a Maine address.
Sales taxes in Maine are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in Maine set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in Maine.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MAINE. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF MAINE THAT RELATE TO THE READERS TRANSACTIONS WITH SILVERTOWNE. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MAINE, WE SUGGEST YOU VISIT MAINE REVENUE SERVICES LOCATED AT HTTPS://WWW.MAINE.GOV/REVENUE/.
New Jersey State Sales Tax Requirements For Bullion & Collectibles Industry
The State of New Jersey requires SilverTowne to collect sales taxes on all products sold by SilverTowne and delivered to a New Jersey address.
Sales taxes in New Jersey are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in New Jersey set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in New Jersey.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF NEW JERSEY. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF NEW JERSEY THAT RELATE TO THE READERS TRANSACTIONS WITH SILVERTOWNE. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF NEW JERSEY, WE SUGGEST YOU VISIT THE NEW JERSEY DEPARTMENT OF THE TREASURY LOCATED AT HTTPS://WWW.STATE.NJ.US/TREASURY/TAXATION/.
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Virginia Ends All Taxes On Purchases Of Gold And Silver
CHARLOTTE, NC / ACCESSWIRE / April 13, 2022 / By signing sound money legislation yesterday, Virginia Governor Glenn Youngkin has ended Virginia’s discriminatory practice of assessing sales taxes on smaller purchases of gold, silver, platinum, and palladium bullion and coins.
Virginia’s House Bill 936, originally introduced by Del. Amanda Batten, was considered by multiple House and Senate committees before passing overwhelmingly out of both chambers and reaching the governor’s desk.
Virginia had been one of only seven states in the United States maintaining merely a partial sales tax exemption on purchases of precious metals. Virginia’s regressive practice of taxing only purchases under $1,000 singled out small-time savers for a tax penalty that larger gold and silver purchases do not face.
The full Virginia sales tax exemption on the monetary metals is effective on July 1, 2022 and will remain in effect until at least June 30th, 2025.
Meanwhile, full exemption bills are pending in Alabama, Hawaii, New Jersey, and Tennessee, as the national backlash against taxing constitutional money accelerates in today’s environment of rising inflation and geopolitical conflict.
Including Virginia, 41 U.S. states now fully or partially exempt gold and silver from the sales taxes. That leaves 9 states and the District of Columbia as the primary jurisdictions that still harshly penalize citizens seeking to protect their savings against the serial devaluation of the Federal Reserve Note.
Interactive Map Of Tax Requirements
In an effort to make these changes as clear as possible to our customers, we’ve created an interactive United States state map to be able to click on a state and be brought instantly to the tax requirements for that individual state. Again, keep in mind the tax will be based on the ship to address and that the rules/laws vary by each state and even individual counties or cities within some states. Please make yourself familiar with what your ‘ship to’ state is charging so you will know what to expect when you purchase items from SilverTowne.
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West Virginia State Sales Tax Requirements For Bullion & Collectibles Industry
The State of West Virginia requires the collection of sales taxes on certain products sold by SilverTowne and delivered to a West Virginia address. These taxes must be collected on copper products, unless such copper product is a numismatic coin or otherwise a form of money or legal tender that has a fair market value greater than its nominal face value any product that has not been put through a process of smelting or refining any product that has been put through a process of smelting or refining, but which is in a state that its value depends on its form rather than its content any coins that are not used as money or legal tender and are not numismatic coins any coins that are used as money or legal tender, but have a fair market value that is not greater than the nominal face value of such coins accessory items and processed items. All other products sold by SilverTowne are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in West Virginia:
Sales taxes in West Virginia are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in West Virginia set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in West Virginia.
A Sales Tax Discourages Prudent Investment Strategies
Most buyers of precious metals work on a relatively small scale, investing incremental amounts over many years as part of a balanced long-term savings plan. Gold and silver, in particular, are seen as safe havens that are relatively immune to market variation, and encouraging people to invest in them is a benefit to the overall stability of the economy.
Imposing a sales tax effectively punishes a states citizens for following a prudent and diversified investment strategy and actively promotes riskier methods of long-term saving.
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Pennsylvania Capital Gains Tax
Pennsylvania law, like most states, is chock full of draconian revenue statutes. Under current law, gold and silver are subject to capital gains taxation when exchanged for Federal Reserve notes or when used in barter transactions.
However, there is reason to be hopeful in Pennsylvania. In 2011, House Bill 1690 was introduced, a measure that reaffirms the sales tax exemption on precious metal purchases, establishes a tax credit for capital gains inccured from the exchange of capital gains to federal reserve notes, and establishes gold and silver coins as legal tender.
While this measure, unfortunately, was not signed into law, the Pennsylvania legislature is taking steps in the right direction.
Income taxes are one major way government bureaucrats penalize holders of precious metals. If you own gold to protect against the ongoing devaluation of America’s paper currency , you may end up with a “gain” on your gold when it’s priced in dollars. Not necessarily a real gain, mind you. It’s frequently nothing more than a nominal gain — but it’s nonetheless considered income against which the government assesses a tax.
However, other state legislators across the country have started to recognize that paying taxes on nominal gains is beyond the pale. Arizona and Utah recently eliminated capital gains taxation on precious metals, and Idaho hopes to follow soon.
For more information on capital gains taxation of precious metals,
Alabama Passes Sound Money Law Expands Sales Tax Exemption Involving Gold And Silver
MONTGOMERY, AL / ACCESSWIRE / April 15, 2022 / 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 Sen. Tim Melson and Rep. Jamie Kiel, passed with unanimous support out of the Alabama Senate and then passed unanimously through the Alabama House before making it to the Governor’s desk.
In 2019, Alabama originally removed sales taxes from most gold, silver, platinum, and palladium coins and bars. This year, SB 13 clarified that the exemption covers all common forms of bullion, removed burdensome reporting requirements, and extended the sales tax exemption until 2028.
Backed by the Sound Money Defense League, Money Metals Exchange, and in-state supporters, SB 13 now fully ensures that Yellowhammer State citizens cannot be penalized with taxation when acquiring the monetary metals for investment, to protect their savings from the ravages of inflation, or any other reason.
Stefan Gleason, President of Money Metals Exchange, explained the importance of extending the existing sales tax exemption on precious metals: “Many states surrounding Alabama have cultivated pro-sound money environments, eliminating sales taxes on gold and silver. Alabama savers and investors are thankful that the legislature expanded and extended the state’s exemption.”
States are removing sales taxes from monetary metals for the following reasons:
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New Mexico State Sales Tax Requirements For Bullion & Collectibles Industry
The State of New Mexico requires SilverTowne to collect sales taxes on all products sold by SilverTowne and delivered to a New Mexico address.
Sales taxes in the State of New Mexico are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in the state of New Mexico set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in the state of New Mexico.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF NEW MEXICO. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF NEW MEXICO THAT RELATE TO THE READERS TRANSACTIONS WITH SILVERTOWNE. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF NEW MEXICO, WE SUGGEST YOU VISIT THE NEW MEXICO TAXATION AND REVENUE DEPARTMENT LOCATED AT HTTP://WWW.TAX.NEWMEXICO.GOV/.
Tennessee State Sales Tax Requirements For Bullion & Collectibles Industry
The State of Tennessee requires SilverTowne to collect sales taxes on certain products delivered to a Tennessee address. These taxes must be collected on accessory items and processed items. All other products sold by SilverTowne are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Tennessee:
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Sales taxes in Tennessee are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in Tennessee set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in Tennessee.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF TENNESSEE. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF TENNESSEE THAT RELATE TO THE READERS TRANSACTIONS WITH SILVERTOWNE. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF TENNESSEE, WE SUGGEST YOU VISIT THE TENNESSEE DEPARTMENT OF REVENUE LOCATED AT HTTPS://WWW.TN.GOV/REVENUE.HTML.
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Georgia State Sales Tax Requirements For Bullion & Collectibles Industry
The State of Georgia requires the collection of sales taxes on certain products sold by SilverTowne and delivered to an address in Georgia. These taxes must be collected on palladium products copper products accessory items and processed items. All other products sold by SilverTowne are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Georgia:
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Sales taxes in Georgia are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in Georgia set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in Georgia.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF GEORGIA. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF GEORGIA THAT RELATE TO THE READERS TRANSACTIONS WITH SILVERTOWNE. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF GEORGIA, WE SUGGEST YOU VISIT THE GEORGIA DEPARTMENT OF REVENUE LOCATED AT HTTPS://DOR.GEORGIA.GOV/.
Montana State Sales Tax Requirements For Bullion & Collectibles Industry
Currently there is no statewide sales tax in effect in the State of Montana. Therefore, SilverTowne is not required to collect sales taxes on any products delivered to an address in Montana.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MONTANA. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF MONTANA THAT RELATE TO THE READERS TRANSACTIONS WITH SILVERTOWNE. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF MONTANA, WE SUGGEST YOU VISIT THE MONTANA DEPARTMENT OF REVENUE LOCATED AT HTTPS://MTREVENUE.GOV/.
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Tennessee Removes Sales Tax On Gold And Silver Only Eight States To Go
Kitco News
– Gold and silver made another important step to becoming legal tender in the United States. Ahead of the Memorial Day long weekend, Tennessee Governor William Lee signed into law House Bill 1874, removing sales taxes on gold, silver and platinum bullion coins.
Tennessee becomes the 42nd to pass laws that will make gold and silver hard currencies.
“The victory puts a capstone on long-running efforts by the Sound Money Defense League, Money Metals Exchange, Campaign for Liberty, and grassroots activists and coin dealers in Tennessee. Tennessee investors, savers, and small businesses can now acquire gold, silver, platinum, and palladium bullion and coins without being slapped with taxes as high as 10%, depending on the purchaser’s specific location,” the Sound Money Defense League, a national organization dedicated to making precious metals recognized money in the U.S.
According to reports, the legislation passed the state’s house and senate with ease, but has been a long-time in the making.
| Gold price pushes to $1,850 as U.S. dollar drops 2% from 20-year peak |
Although inflation appears to have peaked, it remains elevated at unprecedented levels. Last week, the Federal Reserve also said inflation threatens to erode consumer wealth.
Idaho State Sales Tax Requirements For Bullion & Collectibles Industry
The State of Idaho requires the collection of sales taxes on certain products sold by SilverTowne and delivered to an address in Idaho. These taxes must be collected on copper products accessory items and processed items. All other products sold by SilverTowne are exempt from these taxes.
The following definitions apply to products on which taxes must be collected in Idaho:
- Numismatic Items. Medallions, tokens or other coins created to commemorate a historical event.
- Accessory Items. Items such as holders, tubes, coin flips, and apparel.
- Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.
Sales taxes in Idaho are calculated at checkout on the SilverTowne website based on the taxability of products sold by SilverTowne in Idaho set forth above, and the specific tax rates established by the taxing jurisdiction of the delivery address in Idaho.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF IDAHO. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF IDAHO THAT RELATE TO THE READERS TRANSACTIONS WITH SILVERTOWNE. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF IDAHO, WE SUGGEST YOU VISIT THE IDAHO STATE TAX COMMISSION LOCATED AT HTTPS://TAX.IDAHO.GOV/.
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