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Oklahoma Legislation Exempts Precious Metals from Sales Tax
Starting Nov. 1, Oklahoma Residents will be able to purchase Precious Metals free from sales tax.
Beginning November 1, 2014, Oklahoma residents will be able to invest in Gold, Silver, Platinum and Palladium coins, bars and rounds from Oklahoma Precious Metals dealers without paying sales taxes on those purchases.
On June 4, 2014, Oklahoma Governor Mary Fallin signed Senate Bill 862, declaring Precious Metals were to receive the same tax exemption as other investments, such as stocks and bonds.
“We are thrilled that the Oklahoma Legislature passed this important law. We think this will open doors for in-state investors to think about Precious Metals as part of their portfolio as it equals the playing field with other investment products.” Scott Thomas, President and Founder of APMEX.com of Oklahoma City, said.
The bill passed with bipartisan support in both the Oklahoma Senate and House of Representatives, as many believe local investment dollars will support the Oklahoma economy. The bill aims to help all investors buy Precious Metals and allow the money spent to reside with Oklahoma businesses. The bill was authored by Sen. Clark Jolley (R-Edmond) and Rep. Gary Banz (R-Midwest City).
Charles Hines, resident of Newcastle, Oklahoma, said, “This bill has me considering Precious Metals as part of a way to invest. Knowing that I won’t be charged sales tax sweetens the deal.”
The bill also includes third-party storage options like safety deposit boxes or Citadel Global Depository Services, Inc.
“As one of the largest Precious Metals companies in the world, we’re excited to show our state the options we bring when it comes to buying Precious Metals. At the end of the day, no matter where people are buying, as long as it’s in Oklahoma, it’s a win for our state,” Thomas said.
About APMEX, Inc.
APMEX, Inc., one of the largest online sellers of Gold, Silver and other Precious Metals products, offers one of the world's largest selections, including all U.S. Mint bullion such as Gold, Silver and Platinum American Eagle coins. APMEX also sells all types of Royal Canadian Mint products, including Gold, Silver, Platinum and Palladium Maple Leaf coins. APMEX is a member of the American Numismatic Association, the International Precious Metals Institute and the Industry Council for Tangible Assets. For additional information, visit www.APMEX.com or call 800.375.9006.
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