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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.”
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