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Mississippi becomes 43rd state to end taxes on monetary metals
From Money Metals News Service, Eagle, Idaho
Thursday, April20, 2023
With the stroke of Gov. Tate Reeves's pen on Wednesday, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion.
Senate Bill 2862, sponsored by Sen. Juan Barnett (D-34), had passed out of the full Denate by a vote of 52-0 and sailed through the House of Representatives by a vote of 115-0. The effective date is July 1, 2023.
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Backed by the Sound Money Defense League, Money Metals Exchange, and in-state Mississippi dealers and investors, this year's legislative effort built upon a multi-year grassroots campaign waged by sound-money activists. Other key supporters in the Mississippi legislature included Rep. Jody Steverson (R-4), Rep. Jill Ford (R-73), and Sen. Chad McMahan (R-6).
Taxing all precious metals purchases has become an outmoded and even controversial practice in the United States. Only seven states still engage in it.
Every one of Mississippi's neighbors -- Alabama, Louisiana, Kentucky, and Tennessee -- had already stopped taxing the monetary metals. Most recently, Tennessee ended this tax in 2022, and Arkansas and Ohio eliminated this tax in 2021. Additional states may pass their own exemptions this year. ...
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