Precious Metals

Wisconsin grants precious metal bullion tax exemption

NCBA Wisconsin dealer-member Andy Kimmel, industry issues advisor Patrick Heller, and dealer-member Michelle Voecks-Griesbach stand alongside NCBA Concerned Collectors Coalition member Clifford Mishler and Wisconsin state Senator Rachael Cabral-Guevara in support of the legislation exempting precious-metal bullion from sales-tax.

Image courtesy of National Coin & Bullion Association.

The Wisconsin legislature has passed a sales- and use-tax exemption on the sales of precious metal bullion, marking a significant milestone in the state’s economic policy. Governor Tony Evers signed the legislation, Assembly Bill 29, on March 21, 2024. The law took effect the following day.

This landmark decision makes Wisconsin the 43rd state to enact either a full or partial sales-tax exemption on the sales of coins, paper money, and precious metal bullion. Wisconsin’s exemption encompasses coins, bars, rounds, or sheets containing at least 35 percent gold, silver, copper, platinum, or palladium marked with weight, purity, and content, or minted by a government authority.

Wisconsin Statute Section 77.54(71) provides the legal foundation for this exemption, defining “precious metal bullion” and outlining its scope. According to the statute, precious metal bullion includes coins, bars, rounds, or sheets meeting specific criteria of metal content and marking. Additionally, NCBA’s interpretation of the statute clarifies that collector coins are included in the exemption. The statute’s language, particularly the provision regarding government minting, supports this interpretation, providing clarity for coin and precious-metals bullion businesses.

The passage of this legislation was the result of dedicated efforts from various legislators and stakeholders, including Representative Shae A. Sortwell and the other 15 representatives who introduced AB 29, along with its cosponsors, Senator Duey Stroebel and six other senators.

Supporters extend a heartfelt thank you also to NCBA Wisconsin dealer-members Andy Kimmel (Paragon Numismatics) and Michelle Voecks-Griesbach (Fox Valley Coin & Diamonds Etc.), along with NCBA Concerned Collectors Coalition member Clifford Mishler and industry issues advisor Patrick Heller. These individuals stood united in support of companion bill SB 33 during the Senate Committee on Universities and Revenue public hearing.

NCBA executive director David Crenshaw said, “We are thrilled to see Wisconsin join the ranks of states recognizing the importance of supporting the precious-metals industry through tax exemptions. This victory is a testament to the collaborative efforts of our members and partners.”

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