New Jersey Eliminates Sales Taxes on Gold and Silver

New Jersey's Senate Bill 721 was signed into law, removing sales taxes on purchases of gold, silver, and other precious metals over $1,000, effective January 1, 2025. Supported by the Sound Money Defense League, the bill marks a key victory for sound money advocates.

Governor Phil Murphy's signing of the bill positions New Jersey alongside 44 other states that exempt precious metals from sales taxes. Senate Bill 721 received unanimous support from both political parties.

Stefan Gleason, president of Money Metals and Chairman of the League, acknowledged 2024 as a significant year for passing legislation supporting sound money. However, he pointed out that five states still impose such taxes.

Jp Cortez, executive director of the Sound Money Defense League, emphasized the grassroots effort behind the bill and cited the inefficiencies and unfairness of taxing precious metals.

The bill, however, includes a "poor tax" provision, impacting small-time savers making purchases below $1,000.