Individual US States push for gold and silver legalization

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Update.

Wyoming Senate Approves Bill to Hold $10 Million in Physical Gold

With an overwhelming majority, the Wyoming state senate has voted favorably on legislation that would establish a stockpile of gold for the Cowboy State.

www.soundmoneydefense.org

Update

Wyoming Closer To Using Gold And Silver As Legal Currency

Wyoming is No. 1 in the nation when it comes to sound money policy, a movement to return gold and silver as legal currency. Wyomingites also don’t have to…

cowboystatedaily.com

 

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June 30, 2025 – Today, Connecticut Gov. Ned Lamont (D) signed House Bill 7287 into law which includes a provision removing the last remaining tax on purchases of gold, silver, platinum, and palladium bullion.
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Connecticut had been one of only six states in the United States maintaining merely a partial sales tax exemption on purchases of precious metals. Connecticut’s regressive practice of taxing only purchases under $1,000 singled out small-time savers for a tax penalty that larger gold and silver purchases do not face.

By enacting HB 7287 with the sound money language intact, Connecticut has set an example for legislators in California, Florida, Massachusetts, New Jersey, and New York, where smaller-sized purchases (under $500, $1,000, or $2,000) of precious metals are still hit with sales taxes.

The Connecticut sales tax exemption on the monetary metals will take effect on July 1, 2027.

The measure also calls for the establishment, effective upon the bill’s signing, of a Connecticut precious metals working group to monitor (1) economic conditions, (2) inflation expectations, (3) precious metals prices and activities, including the market activities of leading commodities exchanges and bullion market associations, and (4) precious metals legislation proposed in or enacted by other states.

The working group will be made up of members of the General Assembly, the state treasurer, and any other individuals necessary to carry out the duties of the working group. Commencing in 2026 and annually thereafter, the working group is expected to submit a report summarizing the group’s findings, including any recommendations to improve the precious metals market in the state.
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Including Connecticut, 46 U.S. states now fully or partially exempt gold and silver from the sales taxes as of this writing. That leaves 4 states and the District of Columbia as the primary jurisdictions that still harshly penalize citizens seeking to protect their savings against the serial devaluation of the Federal Reserve Note.

On July 1, 2025, Virginia and Maryland will reimpose sales tax on all purchases of precious metals in their states, and in January 2026, Washington will begin taxing metals as well. The Sound Money Defense League and Money Metals Exchange are already in communication with lawmakers in these three states to ensure legislation is introduced next year to restore the lost exemptions.
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Connecticut Ends All Taxes on Purchases of Gold and Silver

Today, Connecticut Gov. Ned Lamont (D) signed House Bill 7287 into law which includes a provision removing the last remaining tax on purchases of gold, silver, platinum, and palladium bullion.

www.soundmoneydefense.org

 

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