New Law Allows Oklahomans to Purchase Precious Metals Without Sales Tax

House Bill 3166 passed the Oklahoma legislature in 2010 with support from both parties, allowing Oklahoma residents to purchase gold and silver coins, bars, and rounds from Oklahoma-based precious metal dealers without paying any sales tax. It has been suggested that this will be a positive development for investors in Oklahoma.

Investors can buy precious metals tax free in Oklahoma
Investors can buy precious metals tax free in Oklahoma

The  law stipulates that precious metals which are purchased tax-free must be kept in a non-bank depository to assure safety.  The bill also specifically excludes gold and silver which is purchased as jewelry or for artistic and ornamental use. The purpose of the bill was to allow Oklahoma residents to purchase precious metals the same way they purchase other investments, tax-free.

 

Dan Kazan

Dan Kazan has had years of experience writing for some of the largest newspapers and magazines in the USA. He was one of the first pioneers in bringing the news online and has focused most of his recent energies into making Left Justified the high quality online news and opinion site which it is.Dan can be reached at dankazan(at)leftjustified.com.

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