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Texas eliminates sales tax on precious metal coins

October 4, 2013 in Coins, Gold, Gold Bullion, Gold Coins, Investing, News, Platinum, Platinum Coins, Precious Metals, Silver, Silver Coins

andmark legislation, which went into effect Tuesday in Texas, completely eliminates all taxation of precious metals on the grounds that gold and silver can be considered a currency.

Author: Dorothy Kosich Oct, 2nd 2013 (http://www.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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