Right now, 37 states have no state sales tax (Alaska, Delaware, Montana, New Hampshire and Oregon) or have full or partial exemptions from the state's retail sales tax on precious metal coins and ingots. To date, 41 states have eliminated sales taxes on gold and silver bullion. The only states that continue to levy taxes on the sale of precious metal ingots are Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii. The District of Columbia also taxes physical purchases of gold and silver.
To date, 42 states have eliminated some or all taxes on the purchase of gold and silver. And new bills are now pending in five of the remaining eight states, namely Tennessee, Mississippi, Kentucky, Hawaii and New Jersey. There is no all-encompassing sales tax in the United States. The 50 individual states have their own tax laws and their own sales tax rates.
These can differ greatly from state to state. In some states there is no sales tax on precious metals, while in others you'll pay about an additional 10% for every purchase you make. There are currently five states (Alaska, Delaware, Montana, New Hampshire and Oregon) that do not impose any sales tax. There are 34 other states that have full or partial sales and use tax exemptions for retail sales of coins and precious metals in ingots.
These taxes must be collected on any currency that contains gold or silver but is not recognized as a medium of exchange for the payment of debts and taxes; any coin or ingot made of platinum, palladium or copper; any ingot product made of gold or silver if such ingots are not stamped or stamped with their weight and purity; accessory items; and processed items. The nine states that continue to tax gold and silver purchases include Vermont, New Jersey, Maine, Tennessee, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii; the District of Columbia also taxes physical purchases of gold and silver.