Wednesday, March 14, 2018

Alabama the newest state to remove sales taxes from U.S. gold, silver, platinum, and palladium bullion

It is hard to imagine, but 37 states have now passed legislation recognizing gold and silver as money, with the state of Alabama becoming the latest when they signed into law a measure which removes taxation from the purchasing of U.S. based precious metals.

On March 6, the Alabama Senate approved Bill 156 which was signed quickly by Governor Kay Ivey and set in motion what lawmakers believe will be an economic win as passage of the bill could potentially create jobs and economic development in a number of areas.

Alabama becomes the 37th state to exempt sales of gold, silver, platinum and palladium bullion and money, ICTA’s David Crenshaw reports. 
Numismatic commerce can blossom thanks to Gov. Kay Ivey. She signed into law Senate Bill 156 on March 6 to create a sales and use tax exemption on U.S.. coins and currency and precious metals bullion sales. 
According to Crenshaw, in the summer of 2016, Darby and Steve Caiola (Alabama Gold Refinery of Homewood) started collaborating with ICTA to obtain the exemption. 
“We promoted the sales tax exemption as a legitimate jobs and economic development issue with the legislators,” Champion said. 
“We were pleased with the unanimous support of our legislation in both houses, recognizing the benefits to the state’s revenue, to in-state businesses, and to in-state investors and collectors from eliminating the sales tax,” Champion said. - Numismatic News


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