Oklahoma Governor Signs Legislation Exempting the Purchase of Precious Metal Coins and Bars from Sales Tax

Oklahoma Residents will soon be able to purchase Precious Metals as an investment, free from sales taxes.

OKLAHOMA CITY, June 5, 2014 /PRNewswire-iReach/ -- Residents of Oklahoma will soon be able to invest in Gold, Silver, Platinum and Palladium coins, bars and rounds from Oklahoma precious metal dealers without paying sales taxes on those purchases. This law will become effective on November 1, 2014.

Senate Bill 862 passed the 2014 Oklahoma Legislature and was signed by Governor Mary Fallin on June 4, 2014. The intent of the bill was to help Oklahomans buy precious metals as they do other investments, without any state sales taxes being levied on the purchase.

"We were very pleased to see that the Oklahoma Legislature passed this important measure that leveled the playing field for Oklahoma investors. Now investors don't have to buy their precious metal products from out-of-state dealers, nor are they subject to paying sales tax on an investment asset. Precious metal buyers now have equal rights and equal footing with buyers of other types of investment products," said Scott Thomas, President and Founder of APMEX.com of Oklahoma CIty.

This legislation pased both the Oklahoma Senate and House of Representatives with bi-partisan support. The bill aimed to help all investors buy precious metals and to keep these investment dollars with Oklahoma businesses. The bill was authored by Senator Clark Jolley (R-Edmond) and Representative Gary Banz (R-Midwest City).

"There are many benefis to this new law - investors will save money and local Oklahoma businesses will grow. Everyone benefits. We encourage all Oklahoma residents to contact their local Oklahoma precious metal dealer when buying precious metals," concluded Thomas.

About APMEX, Inc.

APMEX, Inc., one of the largest online retailers of Gold, Silver and other Precious Metals products, offers one of the world's largest retail 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, as well as South African Gold Krugerrand 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 toll free 800-375-9006.

Media Contact: Teresa Burris, APMEX, Inc., 405-595-2112, Teresa.Burris@APMEX.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com


Related Links


Retail, Banking & Financial Services, Precious Metals

Need Help