Signed Into Law: New Jersey Eliminates Sales Taxes On Gold And Silver

New Jersey has eliminated sales taxes on gold, silver, and other precious metals purchases over $1,000, joining 44 other states. The move was supported by the Sound Money Defense League and Money Metals Exchange, and received unanimous bipartisan support. Removing sales taxes on precious metals is considered good public policy as it is seen as inappropriate for such assets held for resale, inefficient for revenue collection, harmful to in-state businesses, and unfair to savers and investors. Despite this victory, a provision in the law exempts only purchases over $1,000, discriminating against small-time savers. The state's Sound Money Index score is expected to rise significantly. Other states still charging sales tax on precious metals are New Mexico, Maine, Vermont, Hawaii, and Kentucky, which are now targets for similar legislation. The passage of the law in New Jersey reflects a growing awareness of the importance of sound money policies.