By JUSTICE CAMPBELL
On June 25, 2017 Governor John Bel Edwards of Baton Rouge, Louisiana signed the HB 396 to remove sales tax on precious metals, specifically gold, silver, and platinum coins and ingots.
House Bill 396 was introduced by Representative Stephen Dwight (R-Lake Charles) and Representative Mark Abraham (R-Lake Charles) with the goal of encouraging precious metals purchasers to keep more of their investment dollars inside the state rather making investments elsewhere. Whether in coin or ingot form, the bill impacts purchases of platinum, gold, or silver bullion that is valued solely upon its precious metal content.
Louisiana legislators came up against the Sound Money Defense League who stated that charging sales tax on money itself is beyond the pale. If other states in the U.S. collect taxes on purchases of precious metals, they are inherently saying that gold and silver are not money at all. Charging sales taxes on purchasing the monetary metals was tantamount to charging 7-cent tax after asking to change a dollar bill into four quarters.
Jp Cortez, Assistant Director of the Sound Money Defense League states, “Louisiana has taken a meaningful step forward with the passage of HB 396. Thanks to the efforts of Representatives Dwight and Abraham and grass root supporters, it is now less difficult for Louisiana citizens to protect themselves from the inflationary practices of the Federal Reserve,”
Currently, there are 25 other states that do not levy sales taxes on precious metals and 34 states that include at least a partial exemption on levying sales taxes on precious metals purchases. Other states like Arizona, Utah and Idaho have advanced legislation to eliminate income taxation on gold and silver altogether.
The end of the state’s sales tax gives Louisiana dealers a much better shot at winning in-state customer business and hopefully stands as an example to the rest of the country that precious metals are more then just objects.
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