America’s top-rated national precious metals dealer has teamed up with the preeminent sound money public policy group in recognizing three outstanding state lawmakers for their leadership in advancing sound money policies during 2022.
As the year comes to a close, Money Metals Exchange and the Sound Money Defense League have named Tennessee State lawmakers Rep. Bud Hulsey and Sen. Frank Niceley in Tennessee and Delegate Amanda Batten in Virginia as “Sound Money Legislators of the Year.”
Hulsey and Niceley won their multi-year battle to eliminate unjust sales taxation of the monetary metals in the Volunteer State, passing House Bill 1874 and Senate Bill 1857 in May.
Meanwhile, Virginia Delegate Amanda Batten successfully passed House Bill 936, not only extending the sunset date on Virginia’s existing sales tax exemption but also eliminating the state’s regressive taxation of all precious metals purchases below $1,000.
“We’ve been working with Rep. Hulsey since 2017 to eliminate the sales tax on purchases of precious metals in Tennessee – and Senator Niceley played a pivotal role in the state senate,” said Sound Money Defense League policy director Jp Cortez.
"I've been working to free gold and silver from sales taxes in Tennessee since my kids were in elementary school,” said sponsor Rep. Hulsey. “The Sound Money Defense League, in-state dealers, and folks all across Tennessee made their voices heard and helped get this bill across the finish line."
Tennessee became the 42nd state in the U.S. to have partially or fully removed sales taxes on constitutional sound money (i.e. gold and silver) and it also moved up the rankings on the Sound Money Index to 9th place.
In 2022, legislators in 11 states across the U.S. introduced 24 pieces of legislation seeking to eliminate taxation on the sale and purchase of gold and silver, expand and extend existing sales tax exemptions on precious metals, establish in-state gold depositories, or bolster state taxpayer funds with physical gold and silver.
Of the 8 states that still impose a sales tax on purchases of precious metals, sound money forces expect exemption bills to be introduced in Kentucky, Maine, Mississippi, and Wisconsin in the upcoming 2023 legislative season.
Allies in a handful of states are also aiming to eliminate state-level capital gains taxes on sales of precious metals coins and bullion, including Alabama, Michigan, Washington, Oklahoma, South Carolina, West Virginia, Arkansas, and Idaho.
Idaho will also consider investing a portion of state funds in physical gold. And Tennessee and Wyoming may do so as well. Wyoming is also considering a system where the state treasurer establishes a mechanism for accepting and remitting payments in gold and silver.