Sales Tax Rules
On June 21, 2018, the United States Supreme Court announced a decision in favor of South Dakota in South Dakota v. Wayfair Inc, where the state argued it was losing out on local sales taxes with more and more consumers shopping online rather than in brick-and-mortar stores.
What Does This Mean For TPM Clients?
Since 2018, online retailers such as Texas Precious Metals have been forced to adapt to the varying state sales tax rules and regulations across the United States. Sales taxes are calculated and charged based on the address where the order is delivered.
EXAMPLES:
- 1.) A client residing in Arkansas places an order for $1,000 worth of silver. They would be charged an additional $65.00 in sales tax in compliance with Arkansas sales tax laws as they apply to bullion.
- 2.) A client residing in Arkansas orders $1,000 of silver to be delivered to a Bullion Depository in Texas. In this case, the client would only pay $1,000 to Texas Precious Metals with no sales tax, because Texas has no state sales tax on gold and silver bullion coins or bars.
Tax Rules By State
Clients may refer to the chart below, for a list of sales tax rules by state as they pertain to precious metals. Please note that states periodically change their tax rules, and this list may not be fully up-to-date at all times. There may also be additional sales tax charged based on your city, zipcode, and/or parish as they require.
| State | Sales Tax on Bullion |
|---|---|
| Alabama | No Sales Tax |
| Alaska | No Sales Tax |
| Arizona | No Sales Tax |
| Arkansas | 6.50% |
| California | 7.5% on orders below $2000 |
| Colorado | No Sales Tax |
| Connecticut | 6.5% sales tax on orders below $1000 |
| Delaware | No Sales Tax |
| Florida | 6% on orders below $500 unless legal US tender |
| Georgia | No Sales Tax |
| Hawaii | 4% |
| Idaho | No Sales Tax |
| Illinois | South African Krugerrand subject to 6.25% |
| Indiana | 7% - Exemptions apply for certain items. |
| Iowa | No Sales Tax |
| Kansas | No Sales Tax |
| Kentucky | No Sales Tax |
| Louisiana | 4% on orders below $1000 |
| Maine | 5.50% |
| Maryland | 6% on orders below $1000 |
| Massachusetts | 6.25% on orders below $1000 |
| Michigan | No Sales Tax |
| Minnesota | 6.88% |
| Mississippi | No Sales Tax |
| Missouri | No Sales Tax |
| State | Sales Tax on Bullion |
|---|---|
| Montana | No Sales Tax |
| Nebraska | No Sales Tax |
| Nevada | 6.85% |
| New Hampshire | No Sales Tax |
| New Jersey | 7% |
| New Mexico | 5.13% |
| New York | 4% on orders below $1000 |
| North Carolina | No Sales Tax |
| North Dakota | 5% - Exception: 99.9% pure bullion is exempt from sales tax in North Dakota |
| Ohio | No Sales Tax |
| Oklahoma | No Sales Tax |
| Oregon | No Sales Tax |
| Pennsylvania | No Sales Tax |
| Rhode Island | No Sales Tax |
| South Carolina | No Sales Tax |
| South Dakota | No Sales Tax |
| Tennessee | No Sales Tax |
| Texas | No Sales Tax |
| Utah | No Sales Tax |
| Vermont | 6% |
| Virginia | 5.3% on orders below $1000 |
| Washington | No Sales Tax |
| West Virginia | No Sales Tax |
| Wisconsin | No Sales Tax |
| Wyoming | No Sales Tax |
| State | Sales Tax on Bullion |
|---|---|
| Alabama | No Sales Tax |
| Alaska | No Sales Tax |
| Arizona | No Sales Tax |
| Arkansas | 6.50% |
| California | 7.5% on orders below $2000 |
| Colorado | No Sales Tax |
| Connecticut | 6.5% sales tax on orders below $1000 |
| Delaware | No Sales Tax |
| Florida | 6% on orders below $500 |
| Georgia | No Sales Tax |
| Hawaii | 4% |
| Idaho | No Sales Tax |
| Illinois | South African Krugerrand subject to 6.25% |
| Indiana | 7% - Exemptions apply for certain items. |
| Iowa | No Sales Tax |
| Kansas | No Sales Tax |
| Kentucky | No Sales Tax |
| Louisiana | 4% on orders below $1000 |
| Maine | 5.50% |
| Maryland | 6% on orders below $1000 |
| Massachusetts | 6.25% on orders below $1000 |
| Michigan | No Sales Tax |
| Minnesota | 6.88% |
| Mississippi | No Sales Tax |
| Missouri | No Sales Tax |
| Montana | No Sales Tax |
| Nebraska | No Sales Tax |
| Nevada | 6.85% |
| New Hampshire | No Sales Tax |
| New Jersey | 7% |
| New Mexico | 5.13% |
| New York | 4% on orders below $1000 |
| North Carolina | No Sales Tax |
| North Dakota | 5% - Exception: 99.9% pure bullion is exempt from sales tax in North Dakota |
| Ohio | No Sales Tax |
| Oklahoma | No Sales Tax |
| Oregon | No Sales Tax |
| Pennsylvania | No Sales Tax |
| Rhode Island | No Sales Tax |
| South Carolina | No Sales Tax |
| South Dakota | No Sales Tax |
| Tennessee | No Sales Tax |
| Texas | No Sales Tax |
| Utah | No Sales Tax |
| Vermont | 6% |
| Virginia | 5.3% on orders below $1000 |
| Washington | No Sales Tax |
| West Virginia | No Sales Tax |
| Wisconsin | No Sales Tax |
| Wyoming | No Sales Tax |