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New Jersey eliminates sales tax on gold and silver
From Money Metals News Service, Eagle, Idaho
Thursday, September 12, 2024
Sound-money advocates are hailing their hard-fought victory today as New Jersey's Senate Bill 721 was signed into law, thereby removing sales taxes on purchases of gold, silver, and other precious metals above $1,000 effective January 1, 2025.
The long-anticipated bill signing by Gov. Phil Murphy positions New Jersey alongside 44 other states that recognize the importance of exempting constitutional sound money from burdensome taxation.
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Supported by the Sound Money Defense League, Money Metals Exchange, and in-state activists, Senate Bill 721 enjoyed unanimous support from both sides of the political aisle, including 13 Democratic and Republican formal sponsors.
"In 2024 New Jersey was one of seven states to have passed legislation that removes taxes on precious metals, reaffirms gold and silver as constitutional money, empowers state treasurers to invest in physical gold, and more," reported Stefan Gleason, president of Money Metals and chairman of the league. ...
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