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moneymetals

BOOM: Wyoming Ends ALL TAXATION of Gold & Silver

Breakthrough Sound Money Bill Becomes Law Today with Wide Support


Cheyenne, Wyoming (March 14, 2018) – Sound money activists rejoiced as the Wyoming Legal Tender Act became law today. The bill restores constitutional, sound money in Wyoming.

Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and silver coins and bullion and reaffirms their status as money in Wyoming, in keeping with Article 1, Section 10 of the U.S. Constitution.

Introduced by Representative Roy Edwards (R-Gillette), HB 103 received a 55-5 favorable vote on final passage in the Wyoming House last week following Senate approval by a vote of 25-5. Gov. Matt Mead let HB 103 become law today without his signature.

The most immediate impact of the new law, which formally takes effect on July 1, is to eliminate all Wyoming sales taxes when purchasing gold or silver.

While Wyoming does not currently have an income tax, the bill stipulates “the purchase, sale or exchange of any type or form of specie or specie legal tender shall not give rise to any tax liability of any kind.” That means no income tax, property tax, sales tax or any other Wyoming tax can be assessed against the monetary metals.

Lead sponsor Roy Edwards said, “Imagine going to the grocery store and asking the clerk for change for a $20 bill and being charged $1.00 in tax. That’s what we’re doing in Wyoming by charging sales taxes on precious metals and we’re taking steps to change that.”

With the adoption of HB 103, Wyoming joins all its bordering states (South Dakota, Idaho, Utah, Colorado, Nebraska) and more than 30 other states that do not assess a sales tax against precious metals.

Some states have specifically eliminated income taxation on gold and silver (Arizona and Utah) or have established precious metals depositories to store the state’s own physical gold and help citizens save and transact in gold and silver bullion (Texas).

You can view the full press release here (source

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