In response to significant grassroots pressure, Governor Tony Evers has signed into law Assembly Bill 29 and Senate Bill 33, solidifying Wisconsin’s position as the 44th state in the United States to eliminate sales taxes on the purchase of precious metals.
The bipartisan bills, carried by Rep. Sortwell and Sen. Stroebel, respectively, received strong support in both chambers of the Wisconsin legislature before reaching Governor Evers’ desk.
This legislative achievement, supported by the Sound Money Defense League, Money Metals Exchange, and local Wisconsin dealers and investors, marks a significant milestone following last year’s educational campaign. Notably, similar bills introduced in 2023 failed to receive a hearing in Madison.
Effective Saturday, March 23rd, the new statewide sales tax exemption covers bullion coins, bars, or rounds made of gold, silver, platinum, palladium, or copper.
Jp Cortez, executive director of the Sound Money Defense League, emphasized the importance of this move, stating, “As inflation ravages American families, Wisconsin has taken an important step toward remonetizing gold and silver, a proven inflation hedge and the only form of money mentioned in the U.S. Constitution.”
Wisconsin’s decision to join its neighboring states – Iowa, Illinois, Minnesota, and Michigan – in ending sales taxes on precious metals comes amidst a broader trend. States like Mississippi in 2023, Tennessee in 2022, and Arkansas and Ohio in 2021 have also repealed similar taxes.
Senator Stroebel, a key proponent of the legislation, expressed pride in Wisconsin’s decision, highlighting the constitutional significance of gold and silver as money and their role in wealth preservation.
The removal of sales taxes on precious metals is hailed as a positive move for several reasons. It aligns with principles of fair taxation, promotes in-state businesses, and ensures equal treatment of savers and investors.
With Wisconsin becoming the 44th state to enact such legislation, attention now turns to other states, including Kentucky and New Jersey, where similar bills are gaining traction. Additionally, over a dozen other states have introduced pro-sound money legislation in 2024.
The enactment of Assembly Bill 29 is expected to significantly boost Wisconsin’s ranking in the Sound Money Index, signaling a commitment to sound monetary policy and financial freedom.
