Wisconsin Legislature Ends Sales Tax on Precious Metal Bullion in Landmark Move

In a groundbreaking move, Wisconsin has passed legislation exempting sales of precious-metal bullion from sales and use taxes, becoming the 43rd state to enact such a measure. This exemption, which applies to coins, bars, rounds, and sheets with specified metal content and markings, was signed into law by Governor Tony Evers on March 21, 2024, and goes into effect on March 22, 2024. The passage of this legislation is a testament to the collaboration of legislators, industry professionals, and the National Coin & Bullion Association Wisconsin, who played a pivotal role in advocating for this important exemption for the precious-metals industry.

Wisconsin Eliminates Sales Tax on Precious Metal Bullion in Landmark Move

In a groundbreaking decision that has reverberated throughout economic and numismatic circles, the Wisconsin Legislature has passed a comprehensive sales- and use-tax exemption on the sale of precious metal bullion. This historic legislation, Assembly Bill 29, was signed into law by Governor Tony Evers on March 21, 2024, and is set to take effect on March 22, 2024.

Wisconsin's bold move has solidified its position as the 43rd state to enact either a full or partial sales tax exemption on the sale of coins, paper money, and precious metal bullion. The exemption encompasses a wide range of precious metal products, including coins, bars, rounds, or sheets containing at least 35 percent gold, silver, copper, platinum, or palladium. The exemption applies to products that are marked with their weight, purity, and content, or that have been minted by a government authority.

The passage of this landmark legislation was a result of the tireless efforts of various legislators and stakeholders, including Representative Shae A. Sortwell and the 15 other representatives who introduced AB 29, along with its cosponsors, Senator Duey Stroebel and six other senators. The National Coin & Bullion Association (NCBA) Wisconsin dealer-members Andy Kimmel and Michelle Voecks-Griesbach, alongside NCBA Concerned Collectors Coalition member Clifford Mishler and industry issues advisor Patrick Heller, stood united in their support for the legislation. Their expertise and unwavering advocacy played a pivotal role in its success.

Wisconsin Statute Section 77.54(71) provides the legal foundation for the exemption, clearly defining "precious metal bullion" and outlining its scope. According to the statute, precious metal bullion includes coins, bars, rounds, or sheets that meet specific criteria regarding metal content and marking. Additionally, the NCBA's interpretation of the statute clarifies that collector coins are included in the exemption.

Commenting on the significance of the exemption, NCBA executive director David Crenshaw expressed, "We are elated to see Wisconsin embrace this progressive policy that acknowledges the importance of supporting the precious metals industry. This victory is a testament to the collaborative efforts of our members and partners, and it marks a significant milestone in our community's journey."

The elimination of sales tax on precious metal bullion brings numerous benefits to the Wisconsin economy. It bolsters the state's attractiveness as a hub for precious metal businesses, from dealers and mints to collectors and investors. The exemption is expected to stimulate economic growth, create jobs, and enhance the vitality of the numismatic and precious metal markets in Wisconsin.

Moreover, the tax exemption aligns with Wisconsin's long-standing support for the collection of coins, currency, and precious metals. The state recognizes the cultural, historical, and economic importance of these assets and has consistently sought to foster their growth and preservation.

The Wisconsin Legislature's decision to exempt precious metal bullion from sales tax is a momentous step that signals a positive direction for the state's economic policy. It aligns with the growing trend towards recognizing the value and economic benefits of precious metals, promoting a thriving and vibrant precious metal ecosystem in Wisconsin.