On April 11 a state Senator from Maine is seeking to follow the growing trend of other states in recognizing gold and silver as money once again by calling for the removal of state sales tax from the purchase of precious metals.
Speaking this week with the state's Committee on Taxation, Senator Eric Brakey is pushing a measure to have state taxes removed from the buying and selling of gold and silver bullion since many dealers and buyers are simply going across the border to states which currently do not have tax impositions on precious metal transactions.
If Sen. Eric Brakey gets his way, buying silver and gold may get cheaper for Mainers.
State Sen. Eric Brakey, R-Auburn, is pushing a measure to exempt gold and silver coins and bullion from the state sales tax.
Brakey, an Auburn Republican, is pushing a measure to exempt gold and silver coins and bullion from the state sales tax.
Douglas Carnrick of Winslow told lawmakers that many coin collectors and investors simply buy their gold and silver out of state — and then forget that they’re still required to pay the sales tax on their own later.
Since about half of the states don’t impose sales tax on gold and silver purchases, it’s not hard for buyers to avoid shelling out for sales tax online or by traveling to nearby states that exempt precious metals sales.
“The reason for this is, gold and silver coinage and bullion are not normal goods like everything else we charge a sales tax on,” Brakey told the Committee on Taxation this week. He said they are a form of currency for many. – Sun Journal