Louisiana Ends Sales Tax on Gold and Silver Bullion
adUnit = document.getElementById("google-ads-A4wv");
google_ad_client = "ca-pub-1897954795849722";
adUnit = document.getElementById("google-ads-A4wv");
adWidth = adUnit.offsetWidth;
if ( adWidth >= 999999 ) {
/* GETTING THE FIRST IF OUT OF THE WAY */
} else {
google_ad_slot = "0";
adUnit.style.display = "none";
}
By Jp Cortez
Sound money advocates rejoiced as Governor John Bel Edwards signed House Bill 396 into law in recent days. HB 396, which passed in the Louisiana state house and senate earlier this month by overwhelming majorities, removes state sales taxation of precious metals, specifically gold, silver, and platinum coins and ingots.
Representative Stephen Dwight (R-Lake Charles) and Representative Mark Abraham (R-Lake Charles) introduced HB 396 with the goal of encouraging precious metals purchasers to keep more of their investment dollars inside the state rather making investments elsewhere.
The bill impacts purchases of platinum, gold, or silver bullion that is valued solely upon its precious metal content, whether in coin or ingot form. It also impacts numismatic coins that have a sales price of no more than one thousand dollars ($1,000) and numismatic coins that are sold at a national, statewide, or multi-parish numismatic trade show.
The Sound Money Defense League made the case to Louisiana legislators that charging sales taxes on money itself is beyond the pale. In effect, those states that collect taxes on purchases of precious metals are inherently saying gold and silver are not money at all.
“Louisiana has taken a meaningful step forward with the passage of HB 396. Thanks to the efforts of Representatives Dwight and Abraham and grassroot supporters, it is now less difficult for Louisiana citizens to protect themselves from the inflationary practices of the Federal Reserve,” said Jp Cortez, Assistant Director of the Sound Money Defense League.
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1470694951173-5'); });
(deployads = window.deployads || ).push({});