Legislative Work in Action: Landmark Legislation Eliminates Texas Precious Metal Tax
At the beginning of October, H.B. 78 went into effect - a landmark piece of legislation that eliminates the sales tax levied on purchases of gold, silver and platinum bullion, as well as numismatic coins in Texas. This is a groundbreaking piece of legislation for a variety of reasons, but it’s a great victory for small bullion buyers as well as Texas-based businesses. How does this legislative work in action benefit Texas, and how could legislative work help your industry?
Removing the Precious Metals Tax is Good News
Removing this precious metals tax is very good news for Texas-based businesses. The legislation eliminates tax differences between precious metals and other types of investments, based on the grounds that precious metals can also be considered a currency.
Before this legislation, Texans were paying as much as 8.25% sales tax on precious metals purchases under $1,000 - a tax that has proven onerous to small investors. Since this piece of legislation has passed, Texans now have the incentive to buy precious metals directly from Texas dealers, instead of ordering from out-of-state dealers over the internet.
Passing this law has benefited small investors in Texas, and it has also benefited the industry, making it a win-win and hopefully boosting the precious metals market in Texas.
How Could Legislative Work Help Your Industry?
This landmark legislation is a great example of how legislative work could help your industry. Since this law has passed, Texas precious metals dealers should see a boost in business as buyers no longer feel the need to go out of state to bypass the prohibitive tax. How could legislative work help your industry? Are there taxes that drive people to do business elsewhere? Do you have operating overhead that could be reduced with the right piece of legislation? Give us a call to talk about how legislative work could help your industry - and thereby boost your business success.
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