What Precious Metals are Taxed in Connecticut?
One must closely read Conn. Gen. Stat. § 12-412 (45) to see that sales tax applies to:
- Any Palladium sale
- Any Platinum sale
- Any Numismatic coins (when value is not based on metal content, but rather on unique factors)
- Gold if total value of sale is under $1,000
- Silver if total value of sale is under $1,000
- Numismatic coins traded on metal value if total value of sale is under $1,000
The applicable sales tax is 6.35% Conn. Gen. Stat. § 12-408
Definitions Specific to Precious Metal Products in Connecticut
One of the advantages to being part of the original thirteen colony club, is they have seen it all. The state employs the most thorough definitions imaginable. If it involves anything engaging with anything for something, it’s in the definitions in Conn. Gen. Stat. § 12-407
Bullion qualifies for sales tax exemption, if:Â
Conn. Gen. Stat. § 12-412 (45) sales of, and the storage or use of, so long as traded according to its value as precious metal:
- rare or antique coins,Â
- gold or silver bullion andÂ
- gold or silver legal tender of any nation,
Then taxes otherwise imposed, shall not apply to the gross receipts from the sale of and the storage, use or other consumption of the above in Connecticut.
Conclusion
Please note that this is not a comprehensive review of sales tax laws, only a brief overview of sales tax laws and requirements that may currently affect your transactions with Safe Haven Metal when shipping to the state of Connecticut. Hyperlinks will be provided to the state laws, if at any time the text on this page differs from the state’s, you must follow the state’s text.
Sales tax is assessed according to where one is shipping the purchase to.
Writing this article has convinced us to move to Connecticut. Call or shop online with Safe Haven Metal now, before we board the flight and place your precious metals order with us now.
