NEW LAW IN EFFECT - Virtually All Taxes Removed on Gold and Silver Purchases in New Jersey
Stefan Gleason
Today, January 1st, New Jersey Senate Bill 721 went into effect -- ending sales taxes on virtually all purchases of gold, silver, platinum, and palladium.
This sales tax exemption was enacted thanks to Money Metals' in-house public policy project advocating for laws that protect precious metals investors, the Sound Money Defense League -- as well as Money Metals' customers in New Jersey who contacted their legislators during key moments, purchases of precious metals are now tax-free statewide, with some restrictions.
The only kinds of things that still get taxed are high-premium coins, such as Proof 1/10th oz American Gold Eagles, and similar items that are sold for less than $1,000.
Money Metals worked for multiple years to successfully remove this tax imposed on Garden State investors. Only five states still fully tax precious metals purchases: Maine, New Mexico, Vermont, Hawaii, and Kentucky.
We intend to double our efforts in these states to eliminate the scourge of sales taxation from the country entirely.
Money Metals will also continue to provide for all your precious metals needs, including buying and selling at the most competitive prices, precious metals depository services in our brand new, state-of-the-art facility, loans against your gold, IRA transactions, a robust newswire with breaking news and analysis on markets, precious metals, and more.
New Jersey was one of seven states that passed pro- gold and silver legislation in 2024.
We're not done yet. In 2025, we intend to secure even more wins for precious metals across the country.
For more information on the law in New Jersey, click here.
Thank you for your business and support. I wish you and your family blessings in 2025.
Stefan Gleason
President
About the Author
Stefan Gleason is President and CEO of Money Metals Exchange, the company recently named "Best Overall Online Precious Metals Dealer" by Investopedia. A graduate of the University of Florida, Gleason is a seasoned business leader, investor, political strategist, and grassroots activist. Gleason has frequently appeared on national television networks such as CNN, FoxNews, and CNBC and in hundreds of publications such as the Wall Street Journal, TheStreet, and Seeking Alpha.
