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New Jersey Precious Metals Tax Information
Currently, New Jersey imposes a sales tax on precious metals, such as gold and silver. However, there have been recent developments regarding this issue:
- Previous Legislation. In early 2024, the New Jersey legislature unanimously passed a bill to end the sales tax on gold and silver. However, this bill was vetoed by the governor.
- New Legislation. New bills have been introduced in the legislature (A2812/S721 and A5294) aimed at exempting investment-grade precious metals from sales tax. These bills are currently pending and their outcome is uncertain.
If the current law remains unchanged, the sales tax on precious metals would be 6.625%. This applies to the purchase of coins, bars, and other forms of precious metals.
PLEASE NOTE: THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF NEW JERSEY. IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF NEW JERSEY THAT RELATE TO THE READER’S TRANSACTIONS WITH ITM TRADING. IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF NEW JERSEY, WE SUGGEST YOU VISIT THE NEW JERSEY DEPARTMENT OF THE TREASURY LOCATED AT https://www.nj.gov/treasury/taxation/.
