Maryland’s Tax Exemption Passes

On May 26, Maryland Governor Wes Moore signed a bill eliminating sales tax from purchases of gold and silver. The bill reverses a controversial tax imposed last year on all precious metals bought outside of the Baltimore Convention Center. 

In response to the tax, dealers across the state formed the Sound Money Association of Maryland to lobby for the tax-exemption bill’s support. The tireless efforts of dealers, organizations, and leaders succeeded, and the state’s longstanding exemption on purchases of gold and silver coins, bars, and rounds has now been restored.

Including Maryland, 45 states now fully or partially exempt precious metals from their sales tax, leaving Maine, Washington, New Mexico, Vermont, Hawaii, and the District of Columbia as the primary jurisdictions that still impose sales tax on precious-metals purchases.