Wisconsin officially abolishes sales taxes on purchases of gold and silver.

In response to significant grassroots pressure, Governor Tony Evers of Wisconsin has signed legislation into law, making Wisconsin the 44th state in the U.S. to eliminate sales taxes on the purchase of precious metals.

Assembly Bill 29 and Senate Bill 33, sponsored by Representative Sortwell and Senator Stroebel respectively, received bipartisan support in both chambers of the Wisconsin legislature before being signed into law by Governor Evers.

Supported by the Sound Money Defense League, Money Metals Exchange, and local Wisconsin dealers and investors, this legislative effort builds upon last year's educational campaign.

Similar bills were introduced in Madison in 2023 but did not progress to a hearing.

The new law exempts bullion coins, bars, or rounds made of gold, silver, platinum, palladium, or copper from state sales taxes, effective March 23rd, 2024.

Jp Cortez, executive director of the Sound Money Defense League, hailed the move as an important step towards recognizing gold and silver as a hedge against inflation and as constitutionally recognized forms of money.

Wisconsin's neighboring states, including Iowa, Illinois, Minnesota, and Michigan, had already ended sales taxes on precious metals, adding pressure on Wisconsin to follow suit.

Senator Stroebel, one of the bill's sponsors, emphasized the importance of recognizing gold and silver as forms of money explicitly mentioned in the U.S. Constitution and removing barriers for Wisconsinites seeking to protect their wealth.

Previously, sales taxes on precious metals discouraged Wisconsin citizens from safeguarding their savings against currency devaluation.

Eliminating sales taxes on the monetary metals is seen as good public policy for several reasons, including the fact that precious metals are typically held for resale, not consumption like other taxed goods.

Furthermore, studies suggest that taxing precious metals is an inefficient form of revenue collection and harms local businesses, as consumers may seek purchases in neighboring tax-exempt states.

Similar reforms are underway in other states, with bills advancing in Kentucky and New Jersey. Over a dozen states have introduced pro-sound money legislation in 2024, reflecting a growing recognition of the importance of precious metals as a hedge against inflation and economic uncertainty.

The enactment of this measure is expected to significantly improve Wisconsin's ranking in the 2024 Sound Money Index.