With Governor Bill Lee's signature, Tennessee has officially become the 42nd state in the U.S. to remove sales taxes from Constitutional Sound Money (i.e., gold and silver).
Tennessee's House Bill 1874 and Senate Bill 1857, introduced by Representative Bud Hulsey (R-2) and Senator Frank Niceley (R-8) passed both chambers of the Tennessee legislature overwhelmingly last month and took effect immediately upon the Governor's signature at the start of Memorial Day weekend.
Substantial grassroots support tipped the balance. During the Senate floor vote, Senator Janice Bowling (R-16) commented, "I'd just want to thank the senator for bringing forward this bill along with half of the state of Tennessee that contacted all of us!"
This win put a capstone on lengthy efforts by the Sound Money Defense League, Money Metals Exchange, Campaign for Liberty, and grassroots activists and coin dealers in Tennessee. Tennessee investors, savers, and small businesses can now acquire gold, silver, platinum, palladium bullion, and coins without being slapped with taxes as high as 10%, depending on the purchaser's specific location.
Lead sponsor Mr. Hulsey said, "I've been working to free gold and silver from sales taxes in Tennessee since my kids were in elementary school. 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."
Including Tennessee, 42 U.S. states now fully or partially exempt gold and silver from the sales taxes. That leaves 8 just states and the District of Columbia as the primary jurisdictions that still penalize their citizens seeking to protect their savings against the serial devaluation of the Federal Reserve Note.