A proposal to eliminate the state sales tax on small purchases of gold, silver, and platinum bullion has advanced in the Florida Senate. The Senate Banking and Insurance Committee approved a bill (SB 134) on Tuesday, which, if passed, would end the sales tax on these precious metals when valued at $500 or less.
Sen. Ana Maria Rodriguez, R-Miami-Dade County, who filed the bill, explained, “The effect of the bill is that all sales of such metals will be exempt from sales tax.”
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Currently, sales of precious metals exceeding $500 are already exempt from the tax. This bill aims to extend that exemption to smaller transactions.
Supporters of the bill argue that eliminating the tax on smaller purchases would make precious metals more accessible to average consumers and investors. The bill will now move forward for further consideration by the full Senate.
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