Texans are saying “howdy” to House Bill 78, which eliminates the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins. The bill introduced by Texas Representative David Simpson passed both the Texas House and Senate earlier this year and became effective Oct. 1.
Prior to HB 78, the sale of precious metals were taxed on acquisitions of less than $1,000, but Simpson wanted to completely abolish the tax and relieve the burden for those choosing to spend less on their investments. However, some base metals are not included in the elimination of sales taxes, such as copper and palladium.
While the “Every Man’s Savings” bill went into effect today, liability for taxes accrued prior to the Act’s effective date are still enforced. According to section two, “That liability continues in effect as of the Act had not been enacted, and the former law is continued in effect for the collection of taxes due and for civil and criminal enforcement of the liability for those taxes”
After passing through the House with 144 yeas and 2 nays, the bill passed the Senate with 31 yeas and zero nays in May 2013. With the economy in constant turmoil, HB 78 should be a welcome addition to Texans, who were paying 6.25 percent on all purchases of precious metals below $1,000. Now investors wanting to safeguard their wealth can invest in precious metals without the additional charge.
Thanks to everyone else who supported this bill!
What are your thoughts?
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Problem is the stores are still charging taxes. A call to the State Comptroller Office failed, as the lady said there was no change to the law. An email to the State Comptroller’s Office came back ‘OFFICIAL – NO TAXES’, but the Rule 3.336 hasn’t been updated yet, ref. HB 78f. So, ask before you shop. I tried to get my taxes back from two stores, so far no luck.
Same here. All shops I go to are still charging taxes. Cannot find one that doesn’t