Illinois Precious Metal Sales Taxes
At a Glance: Taxable Precious Metal Products in Illinois
When we ship orders to addresses in Illinois, Hero Bullion is required to collect sales taxes on three main categories of precious metal products. Taxable bullion products in Illinois include the following:
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- Low Purity Bullion (Below .980).
- Palladium and Copper Products.
- Accessories.
- Processed Products.
How Does Illinois Tax Precious Metals?
Please be aware that Hero Bullion does collect relevant sales taxes on some products sold to addresses in the state of Illinois. Illinois law dictates that six classes of bullion and bullion-related products are subject to sales tax collection: copper bullion products, palladium bullion products, and bullion products with purity <.980.
Legal tender coins are also tax-exempt, even if they fail to meet the minimum purity requirement of 98%.
The following definitions for sales taxable products have been determined by Illinois legislators:
| Taxable Product | Definition |
|---|---|
| Low Purity Bullion Products | Any precious metal product with a purity lower than 98%, or .980, is considered taxable in the state of Illinois. |
| Palladium and Copper Products | Any product made primarily with one of these two precious metals is taxed in Illinois. |
| Accessories | Products used to maintain, store, or display bullion are considered accessories. This category includes our coin holders, tubes, and coin flips. Accessories are taxed in Illinois. |
| Processed Bullion | Bullion products that have been modified to add to their bullion value are considered processed items. Examples of this category include colorized coins. Processed bullion is taxable in Illinois. |
How Does Hero Bullion Calculate Sales Taxes in Illinois?
If your bullion products from Hero Bullion are being shipped to an address in Illinois, sales taxes apply based on the rules listed above. While this information is provided for your convenience, there’s no need to worry about calculating sales taxes. We automatically display all relevant sales taxes for your purchase as you checkout to make things as easy as possible.
Please immediately contact our support department if you believe that we have made an error while calculating your sales taxes. If Illinois bullion sales tax regulations change, we’ll be sure to update our customers. Please direct specific questions about Illinois tax laws on the Illinois Department of Revenue website here.
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