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.
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.