Texas to Stop Taxing Au, Ag?

Those in Texas contemplating a move into silver and gold may soon find it to be even easier to do so if pending legislation in the current session of the Texas Legislature is passed.  State Representative for District Seven, David Simpson, filed HB3104 in March, which reads:

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1.  Section 151.336, Tax Code, is amended to read as follows:

(a)  The sale of gold, silver, or numismatic coins or of platinum, gold, or silver bullion is exempted from the sales tax imposed by Subchapter C

(b)  An item exempt under Subsection (a) is exempt from the use tax imposed by Subchapter D

SECTION 2.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2011.

Since August of 1989 Texas businesses have been obligated to charge sales tax on all purchases of silver and/or gold coins that do not total more than $1000.  This bill would remove that and make ALL sales of silver, gold and platinum coins tax exempt. For those with an eye on the $5 per gallon cost of gas in Washington D.C., this would be a welcomed move. Prices are rising as has been predicted and every Texan looking for a way to protect themselves from the pending rapid inflation (stagflation?) will find it a bit easier to protect their wealth with this bill made law.

Rep. David Simpson testifies on behalf of HB3104

Texans for Accountable Government published the following action plan for use by those who wish to support this legislation:

Late last night the House Ways and Means Committee heard Rep. David Simpson’s HB 3104 which would correct the current law, deeming all purchases of gold/silver TAX FREE!

While this bill is fresh in their minds, let them know it’s important to you. Here are the steps you can today take to SUPPORT HB 3104:

Call, email, and/or fax the Members of the House Public Health Committee asking them to SUPPORT HB 3104. Let them know that you weren’t able to make it to the hearing, but you’d like the Representative to SUPPORT this bill when it comes up for vote.

When you call, you will talk to the clerk; give her/him you name and tell them you are calling because Rep. _________ sits on the Ways & Means Committee which heard HB 3104 last night. You aren’t able to make it to the committee hearing, but you want to encourage Rep. _______ to SUPPORT this bill. The clerk will thank you for calling and that’s it!

Rep. Hilderbran, Harvey

(512) 463-0536

(512) 463-1449 Fax

http://www.house.state.tx.us/members/member-page/email/?district=53&session=82

Rep. Otto, John

(512) 463-0570

(512) 463-0315 Fax

http://www.house.state.tx.us/members/member-page/email/?district=18&session=82

Rep. Christian, Wayne

(512) 463-0556

(512) 463-5896 Fax

http://www.house.state.tx.us/members/member-page/email/?district=9&session=82

Rep. Elkins, Gary

(512) 463-0722

(512) 472-5610 Fax

http://www.house.state.tx.us/members/member-page/email/?district=135&session=82

Rep. Gonzalez, Naomi

(512) 463-0622

(512) 463-0931 (Fax)

http://www.house.state.tx.us/members/member-page/email/?district=76&session=82

Rep. Lyne, Lanham

(512) 463-0534

(512) 463-8161 Fax

http://www.house.state.tx.us/members/member-page/email/?district=69&session=82

Rep. Martinez Fischer, Trey

(512) 463-0616

(512) 463-4873 Fax

http://www.house.state.tx.us/members/member-page/email/?district=116&session=82

Rep. Murphy, Jim

(512) 463-0514

(512) 463-8715 Fax

http://www.house.state.tx.us/members/member-page/email/?district=133&session=82

Rep. Ritter, Allan

(512) 463-0706

(512) 463-1861 Fax

http://www.house.state.tx.us/members/member-page/email/?district=21&session=82

Rep. Villarreal, Mike

(512) 463-0532

(512) 463-7675 Fax

http://www.house.state.tx.us/members/member-page/email/?district=123&session=82

Rep. Woolley, Beverly

(512) 463-0696

(512) 463-9333 Fax

http://www.house.state.tx.us/members/member-page/email/?district=136&session=82