By Money Metals
Columbus, Ohio (July 1, 2021) – By signing legislation last night, Governor Mike DeWine has officially ended Ohio’s sales taxation of gold, silver, platinum, and palladium bullion and coins, enabling the Buckeye State to join Arkansas as the two states having canceled taxation of the monetary metals so far this year.
Backed by Reps. Kris Jordan and Riordan McClain, the Sound Money Defense League, Money Metals Exchange, Campaign for Liberty, grassroots activists, and coin dealer representatives, House Bill 110 (the 2022-2023 budget bill) restores the right of Ohio investors, savers, and small businesses to acquire precious metals without being slapped with sales and use taxes.
“These efforts are common sense,” said State Representative Jordan. “We should not be taxing money.”
“This form of double taxation discourages Ohioans from buying precious metals in the state and drives their business elsewhere. Ohio precious metal dealers [can now] better compete with our neighboring states as well as on the online marketplace. This exemption will also allow Ohio to attract coin shows, which generate significant amounts of economic activity,” Jordan explained.
The Ohio sales tax exemption goes into effect July 1, 2021.
Categories: Economics/Class Relations