Senator Anthony M. Bucco, Republican Leader - District 25 | Official U.S. Senate headshot
Senator Anthony M. Bucco, Republican Leader - District 25 | Official U.S. Senate headshot
The New Jersey Senate has taken a significant step towards exempting the sale of metal bullion and investment coins from sales tax. Sponsored by Senator Doug Steinhardt, the legislation aims to align the state with others and boost competitiveness in the precious metals marketplace.
Senator Doug Steinhardt (R-23) expressed his support for the bill, stating, "This legislation will not only align New Jersey with the laws of other states, but it will treat investment bullion and investment coins like other investments, such as stocks, which are not subject to sales tax.”
The bill, known as S-721, specifically targets "investment metal bullion," which includes precious metals like gold, silver, platinum, and palladium that have undergone smelting or refining processes. Steinhardt emphasized that the exemption would not apply to precious metals used for specific industrial, professional, or artistic purposes.
By exempting certain precious metal transactions from sales tax, the legislation aims to keep buyers within the state and enhance New Jersey's position in the competitive precious metals market.
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