Gold and silver coins are now considered legal tender in Oklahoma and the real advantage is that buyers of such items will no longer have to pay state sales tax.
Fort Worth, TX (PRWEB) June 10, 2014
Oklahoma’s governor just signed a law that classifies gold and silver coins as currency, thus eliminating the sales tax on such items, according to a June 5th article published by Oklahoma’s News Channel 4.
GoldSilver.org has issued an investor alert to make residents of Oklahoma aware of the new law, and GoldSilver.org vice president Ken Hansen believes investors will take immediate advantage of the relaxed regulations.
“You don’t pay sales tax on stocks or other investments, and the government does not charge sales tax to put cash into the bank, and gold coins are investments as well as currency,” Hansen said. “Until now investors in the Sooner State were at a disadvantage if they bought gold and silver coins because they were taxed on the purchase, but Governor Fallin’s signing of this bill into law is proof that not all lawmakers lack common sense.”
Oklahoma’s new law changes the classification of gold and silver coins to currencies, but a provision in the law allows merchants to opt out from accepting gold and silver coins as payment for goods or services. “This law was not passed so you could go to the grocery store, the gas station or the realtor’s office with a bunch of gold or silver coins,” said Hansen. “Gold and silver coins are now considered legal tender in Oklahoma and the real advantage is that buyers of such items will no longer have to pay state sales tax.”
GoldSilver.org is a North American market leader for gold and silver investments for home delivery or within retirement accounts. They buy and sell all sorts of investment-grade gold, silver and platinum. For more information or a free gold and silver investment guide, visit http://www.goldsilver.org or call 1-800-394-3337 today.