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Louisiana Legislature Passes Bill to Repeal State Sales Tax on Precious Metals

Louisiana Legislature Passes Bill to Repeal State Sales Tax on Precious Metals

schiffgold.com / BY SCHIFFGOLD / JUNE 8, 2017

Earlier this week, the Louisiana House gave final approval to a bill that would exempt precious metals from state sales and use taxes. This would remove one barrier from buying gold, silver and platinum. It would also help encourage their use and take the first step toward breaking the Federal Reserve’s monopoly on money.

Rep. Stephen Dwight (R) and Rep. Mark Abraham (R) introduced House Bill 396 (HB396) on March 31. The legislation would exempt the sale of platinum, gold, or silver bullion, ingots, or coins that are valued only on their precious metal content from the state sales tax. It would also exempt certain numismatic (collectable) coins.

The House passed HB396 95-0 on May 24. The Senate followed up on June 2 and approved the measure by a vote of 30-2 with some technical amendments. On June 6, the House concurred with the Senate amendments by a vote of 103-0, sending the bill to Gov. John Bel Edward’s desk for his consideration.

IN PRACTICE

Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of money for another.

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