Florida Eliminates Gold, Silver, and Platinum Taxes

 

Florida Eliminates Taxes on Gold, Silver, and Platinum

(Bullion News Network) – On Monday, Florida Governor Ron DeSantis signed into effect House Bill 7031, a large tax cut bill set to expand the state’s precious metal sales tax exemptions for gold, silver, and platinum. The law also eliminates taxes on commercial leases, offers a seasonal sales tax break to parents purchasing items for their child’s education, codifies tax exemptions for hurricane preparation items, and institutes an annual “tax holiday” for the purchase of hunting , camping, and fishing gear, including firearms and ammo. Previously, Florida applied a sales tax to gold, silver, and platinum purchases of less than $500. Under the new law, the $500 threshold will not exist, making gold, silver, and platinum bullion tax-free in the state starting on August 1st, 2025. 

The move follows a groundswell of public support for reform to the state’s tax laws, which proponents of the provision say punished smaller investors while allowing wealthy purchasers to avoid taxation. The legacy version of the law also required precious metal dealers to track and report which portion of a given transaction involved gold, silver, or platinum in order to determine the sales tax liability of the customer:

Bullion.—The sale of gold, silver, or platinum bullion, or any combination thereof, in a single transaction is exempt if the sales price exceeds $500. The dealer must maintain proper documentation, as prescribed by rule of the department, to identify that portion of a transaction which involves the sale of gold, silver, or platinum bullion and is exempt under this paragraph.

HB 7031 eliminates these additional requirements, effectively making all gold, silver, and platinum purchases sales tax exempt in the state of Florida.

Bullion.—The sale of gold, silver, or platinum bullion, or any combination thereof, in a single transaction is exempt.

Earlier this year, Florida passed legislation to make gold and silver legal tender. House Bill 999, which goes into effect on July 1st of 2026, will make it possible for Floridians to pay for goods and services using gold. HB 7031 expands the state’s commitment to encouraging investment in precious metals like gold, silver, and platinum. Unlike HB 999, the tax exemption signed into law on Monday will go into effect in one month, on August 1st, 2025. 

Advocates for precious metals celebrated the move, which is set to provide a major boon to investors who typically would not meet the state’s minimum threshold of $500 in order to claim a sales tax exemption. Starting on August 1st, even small purchases of gold, silver, and platinum are exempt from sales tax collection. Along with its other provisions, HB 7031 is expected to provide $1.6 billion in tax savings to Florida residents.

Palladium, copper products, accessories, and processed bullion products remain taxable in Florida.