Michigan Precious Metal Sales Taxes

 

How Does Michigan Tax Precious Metals?

Each state has its own tax laws and regulations. Bullion is sometimes a sort of ‘gray area’ when it comes to tax law. We’re here to help. This guide will outline the basic rules that Michigan legislators have established regarding how certain bullion products are taxed. If you plan to ship your Hero Bullion order to an address within the state of Michigan, you might be responsible for bullion-specific sales taxes. 

In Michigan, both the category of item in a purchase and the purity of that item are factors in determining its taxability. This is often the case with state bullion tax regulations. Seven categories of items are taxable in the state of Michigan: copper bullion, precious metals with a purity below 90%, coins not meant for investing, currency, accessories, and processed bullion products. 

Let’s start with the bullion product categories which are taxed in Michigan:

Taxable Product	Definition
Copper Products	Any product made primarily with copper bullion is taxed in the state of Michigan.
Low Purity Bullion	In Michigan, any bullion product with a purity below .90 (90%) is considered taxable.
Non-Investment Bullion Coins	Coins with a total value that is more than their face value are considered non-investment bullion and are taxable in Michigan.
Currency	Precious metal products currently being used as a currency minted by a sovereign government are taxed in Michigan.
Accessories	Non-bullion items used to store, maintain, or display precious metals are taxable accessories, according to Michigan state law.
Processed Bullion	Precious metal products that have been given additional value over their melt value by third parties are considered taxable processed bullion in Michigan.

How Does Hero Bullion Calculate Sales Taxes in Michigan? 

We automatically determine your tax cost based on the address that you provide for shipping at checkout, so you don’t need to stress about the specifics of Michigan law. If you want to find more specific information about how Michigan taxes bullion products, visit the state’s Department of Treasury.