House OKs excluding gold coins from sales tax

Print
Email
|

Associated Press

Posted on May 5, 2013 at 1:03 PM

AUSTIN, Texas (AP) — The Texas House has overwhelmingly approved a bipartisan measure removing sales tax when consumers purchase gold coins and other small quantities of precious metals.

The bill would exempt from sales tax the purchase of up to $1,000 in metal coins. It was authored by Rep. David Simpson, a tea party Republican from Longview.

Many lawmakers signed on as co-sponsors, saying it would make it easier for low-income Texans to bolster their savings with some precious metals.

It passed overwhelmingly with a simple voice vote Saturday.

The measure is expected to cost the state at least $375,000 through fiscal year 2015. But 21 other states already have no sales tax on gold and silver coins.

It must clear a final, procedural hurdle in the House before heading to the state Senate.

Print
Email
|