Individual US States push for gold and silver legalization

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BATON ROUGE, La. (May 15, 2024) – Today, the Louisiana House unanimously passed a bill that would make gold and silver legal tender in the state.

Sen. Mark Abraham filed Senate Bill 232 (SB232) on March 1. Under the proposed law, “any gold or silver coin, specie or bullion issued by any state or the United States government as legal tender shall be recognized as legal tender in the state of Louisiana.”

On May 15, the House passed SB232 by a 92-0 vote with some technical amendments. The Senate previously passed the bill by a 39-0 vote. It now goes back to the Senate for final consideration.

 
(May 17, 2024) – Today, Alabama Governor Kay Ivey signed a bill into law repealing the state capital gains tax on gold and silver bullion.

Sen. Tim Melson introduced Senate Bill 297 (SB297) on April 4. Alabama repealed the state sales tax on gold, silver, platinum, and palladium bullion in 2018 and extended the exemption last year. The enactment of SB297 takes another step by effectively repealing the state capital gains tax on the exchange of gold and silver. Under the law, individuals selling gold or silver bullion, or utilizing gold and silver in a transaction, can deduct any net capital gain derived from the exchange from their income for state income tax purposes.
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Update:

(Trenton, New Jersey) -- Senators in New Jersey have voted on Senate Bill 721 unanimously to end the sales tax on purchases of gold and silver.

For the second time in four months, the New Jersey Senate has voted unanimously to end their ourdated practice of taxing sound money. The Assembly bill, A2812, is expected to receive a hearing before the Commerce, Economic Development and Agriculture committee soon.

Earlier this year, A5294/S1825 had passed out of both committees and both chambers of the New Jersey legislature without a single "no" vote. This popular bill had more than a dozen cosponsors and had unanimous approval in each legislative chamber. Despite this, Gov. Murphy chose not to enact the bill into law.


Update:

TRENTON, N.J. (June 4, 2024) – Yesterday, a New Jersey Assembly committee unanimously passed a bill that would exempt gold and silver bullion from state sales and use taxes. It previously passed the full Senate.

Sen. Douglas Steinhardt and a bipartisan coalition of five cosponsors introduced Senate Bill 721 (S721) on Jan. 9. The legislation would exempt the sale of investment metal bullion (bars and coins) and investment coins from the state sales and use tax.

 
States should have their own depository and mint their own PM medals for resale and storage.
 
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