Texas Eliminates Sales Tax on Precious Metals Bullion, Coins

Mineweb reported that Texas removed its sales tax on purchases of gold, silver and platinum bullion and numismatic coins as of October 1. Previously those living in the state had to pay a 6.25-percent tax on precious metals purchases under $1,000.

As quoted in the market news:

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.

It also gives precious metals consumers an incentive to do business with Texas dealers, rather than order from out-of-state dealers over the internet.

Click here to read the full Mineweb report.