Texas Precious Metals Tax
What Precious Metals Are Taxed in Texas?
In Texas, palladium in any form, and platinum coins, unless either of those metals are in coin with unique enough characteristics to be deemed a numismatic coin.
Bullion qualifies for Texas sales tax exemption, if:
Under the chapter for sales excise and use taxes:
“The sale of gold, silver, or numismatic coins or of platinum, gold, or silver bullion is exempted from the taxes imposed by this chapter.” (Tex. Tax Code § 151.336)
If exempted from taxes imposed, then the sale, storage, use or other consumption of the item is not subject to the sales tax or the use tax if the item meets the qualifications for exemption; and when exempted the receipts from its sale are excluded from the computation of the taxes. (Tex. Tax Code § 151.301)
Tex. Gov’t Code § 2116.001 (“(10) ‘Precious metal’ means a metal, including gold, silver, platinum, palladium, and rhodium, that: (A) bears a high value-to-weight ratio relative to common industrial metals; and (B) customarily is formed into bullion or specie.”)
Under the Property Tax Code, Taxable Property and Exemptions
Tex. Tax Code § 11.141 (“(a) For purposes of this section:
(1) ‘Precious metal’ has the meaning assigned by Section 2116.001, Government Code. (2) ‘Precious metal depository’ means a depository that:
(A) is primarily engaged in the business of providing precious metal storage to the general public; and
(B) maintains sufficient insurance to cover precious metal deposited in the depository.
(b) A person is entitled to an exemption from taxation of the precious metal that the person owns and that is held in a precious metal depository located in this state, regardless of whether the precious metal is held or used by the person for the production of income.
(c) Notwithstanding Section 11.14(c), the governing body of a taxing unit may not provide for the taxation of precious metal exempted from taxation under Subsection (b).”)
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 Texas. Hyperlinks are provided to the state laws, therefore if at any time the text on this page differs from the state’s, you must follow the state’s text.
Assessing sales tax is according to where one is shipping the purchase to.
Safe Haven Metal uses an advanced sales tax computation system to calculate the correct precious metals’ sales tax applicable to your zip code. Making your purchase the best price with the most accurate tax automatically calculated for you. Now all you need to do is figure out which precious metals you are going to buy next with Safe Haven Metal.
