In a move to promote investment and economic growth, the state of New Jersey has announced the elimination of sales tax on the purchase of gold and silver bullion. This decision aims to make the state a more attractive destination for precious metal investors and collectors.
The new legislation, which went into effect on January 1st, 2025, exempts the sale of gold and silver bullion from the state’s 6.625% sales tax. This change is expected to provide a significant boost to the local precious metals market, making it more accessible and affordable for individuals and businesses to acquire these valuable assets.
The elimination of the sales tax on gold and silver bullion is part of a broader effort by the New Jersey government to diversify the state’s economy and attract new investment opportunities. By removing this tax burden, the state hopes to encourage the growth of the precious metals industry and position itself as a hub for precious metal trading and storage.
This move aligns with the growing trend of states across the United States recognizing the importance of precious metals as a hedge against economic uncertainty and a means of preserving wealth. As more investors seek to diversify their portfolios, the elimination of the sales tax on gold and silver bullion in New Jersey is expected to make the state a more attractive destination for those looking to invest in these tangible assets.
