Abilene
85° F
Clear
Clear
Brownwood
82° F
Scattered Clouds
Scattered Clouds
San Angelo
84° F
Clear
Clear
Advertisement

Texas House OKs excluding gold coins from sales tax

Published On: May 04 2013 01:17:39 PM CDT

AUSTIN, Texas -

(AP) - The Texas House has overwhelmingly approved a bipartisan measure removing sales tax when consumers purchase gold coins and other small quantities of precious metals.
    
The bill would exempt from sales tax the purchase of up to $1,000 in metal coins. It was authored by Rep. David Simpson, a tea party Republican from Longview.
    
Many lawmakers signed on as co-sponsors, saying it would make it easier for low-income Texans to bolster their savings with some precious metals.
    
It passed overwhelmingly with a simple voice vote Saturday.
    
The measure is expected to cost the state at least $375,000 through fiscal year 2015. But 21 other states already have no sales tax on gold and silver coins.
    
It must clear a final, procedural hurdle in the House before heading to the state Senate.