HB 78 Passes Texas House & Senate, Removes Sales Tax on Gold, Silver, and Other Precious Metals!Submitted by RobHino on Thu, 05/23/2013 - 02:05
It's been a while since I posted something as I've been really busy with freelance life! But I just couldn't pass on sharing this!
Relating to the exemption from the sales and use tax for certain coins and precious metals.
Summary: HB 78 would exempt the sale of gold, silver, or numismatic coins, or of platinum, gold, or silver bullion from taxes levied by Chapter 151, Tax Code, dealing with limited sales, excise, and use tax.
Analysis: HB 78 would limit government by restricting the amount of revenue Texas can take by taxing coins. This promotes the property rights of coin collectors by not taxing them for coin purchases.
Thanks to State Rep. David Simpson and everyone else who supported this bill!
I'd rather not be cheering on government, but this is a step in the right direction.