News

Advanced Search

DGSE Celebrates Elimination of Texas' Precious Metals Tax

Oct 14, 2013 2:47 PM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... DGSE Companies Inc. applauded the passage of a Texas state bill (HB 78) that was signed into law by the governor, Rick Perry, eliminating  the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins after October 1.

Prior to the revision, the metal commodities were taxed on purchases of less than $1,000. DGSE surmised that the legislation leveled the playing field between precious metals and other investments on the grounds that gold and silver were considered currency. The bill also created an incentive for precious metals investors to do business with Texas dealers, rather than order from out-of-state dealers over the Internet, according to DGSE's assessment.

James Vierling, the CEO of DGSE, said, “This is a victory for the small bullion buyer. Prior to this legislation, Texans were paying as much as 8.25 percent sales tax on all precious metals purchases under $1,000, a tax that was especially onerous to small investors. As a way to mark this significant milestone, DGSE is hosting promotional activities in our Texas stores around the implementation of the new law.”

Tags: house bill 78, Jeff Miller, precious metals, tax, texas
Similar Articles
Industry Stock Ticker Stock ImageRapaport Diamond Industry Stock Tracker
Jan 11, 2018
Signet (-4.3%) trailed US retail stocks following weaker-than-expected holiday sales. Hong Kong jewelers’ shares showed
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.