Madison, Wisconsin – In a historic move, Governor Tony Evers signed into law Assembly Bill 29 and Senate Bill 33, making Wisconsin the 44th state in America to end sales taxes on the purchase of precious metals.
The bills, carried by Rep. Sortwell and Sen. Stroebel respectively, received strong bipartisan support in both chambers of the Wisconsin legislature before being signed into law by Gov. Evers.
This legislative effort, backed by the Sound Money Defense League, Money Metals Exchange, and in-state Wisconsin dealers and investors, follows a successful educational campaign from last year, where similar bills failed to receive a hearing.
Starting on Saturday, March 23rd, the new statewide sales tax exemption will apply to bullion coins, bars, or rounds made of gold, silver, platinum, palladium, or copper.
Jp Cortez, executive director of the Sound Money Defense League, emphasized the importance of this move, stating, “As inflation ravages American families, Wisconsin has taken an important step toward remonetizing gold and silver, a proven inflation hedge and the only form of money mentioned in the U.S. Constitution.”
The decision by Wisconsin to end sales taxes on precious metals comes after all of its neighboring states – Iowa, Illinois, Minnesota, and Michigan – had already done so, putting additional pressure on the Badger State to follow suit.
Sen. Stroebel, a key proponent of the bills, expressed his pride in leading the effort to add Wisconsin to the list of tax-exempt states, highlighting the constitutional status of gold and silver as money.
Furthermore, the move to eliminate sales taxes on precious metals is seen as beneficial public policy for several reasons, including the inappropriate nature of taxing assets held for investment purposes, the potential loss of revenue for the state from such taxes, and the negative impact on in-state businesses and citizens seeking to protect their assets from inflation.
In response to the signing of the bills into law, Rep. Sortwell emphasized the historical and constitutional importance of using gold and silver as currency, free from federal government policies that lead to devaluation.
Stefan Gleason, president of Money Metals and Chairman of the Sound Money Defense League, noted that Wisconsin’s decision leaves only six states in the country that still tax precious metals purchases, with efforts underway in Kentucky and New Jersey to soon join the list of tax-exempt states.
Several other states, including Alaska, Indiana, Iowa, Georgia, Kansas, Missouri, Idaho, Arizona, Utah, New Hampshire, Oklahoma, Nebraska, Vermont, and West Virginia, have introduced similar pro-sound money legislation in 2024, showcasing a growing national trend towards recognizing the importance of precious metals as a store of value.
Wisconsin’s enactment of this measure is expected to boost the state’s ranking in the 2024 Sound Money Index, solidifying its commitment to sound economic policy and investor-friendly regulations.
With the momentum building across the country, the move by Wisconsin to end sales taxes on precious metals signals a positive shift towards protecting citizens’ wealth and promoting financial freedom.
Some states where gold and silver are tax exempt include Wisconsin, Texas, and Arizona. Wisconsin recently formally ended sales taxes on gold and silver, making it more attractive for investors to purchase these precious metals in the state. Other states like Texas and Arizona have also implemented similar tax exemptions to encourage investment in gold and silver. Investors should research the specific tax laws in their state before making any purchases of precious metals.