There are currently five states (Alaska, Delaware, Montana, New Hampshire and Oregon) that do not impose any sales tax. There are 34 other states that have full or partial tax exemptions on retail sales of coins and precious metals. To date, 41 states have eliminated sales taxes on gold and silver bullion. The only states that still live taxes on the sale of precious metal ingots are Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii.
The District of Columbia also taxes physical purchases of gold and silver. The State of Colorado requires the collection of sales tax on certain products sold by SilverTowne and delivered to a Colorado address. These taxes must be levied on (copper products); (certain numismatic pieces); (accessory items) and (processed items). All other products sold by SilverTowne are exempt from these taxes.
Ohio is the second state this year to eliminate sales tax on purchases of precious metals. In May, Arkansas passed similar legislation, ending a three-year odyssey for some legislators. The nine states that continue to tax gold and silver purchases include Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii; the District of Columbia also taxes physical purchases of gold and silver. These taxes must be levied on any currency that contains gold or silver but is not recognized as a medium of exchange for the payment of debts and taxes; any coin or bar made of platinum, palladium or copper; any ingot product made of gold or silver if such bars are not stamped or printed with their weight and purity, accessories and processed items.
