Ohio passes bill exempting gold and silver bullion from sales tax

In August 2021, Ohio Governor Mike DeWine signed House Bill 110 into law, exempting gold, silver, platinum, and palladium bullion and coins from sales tax, effective October 1, 2021. This move reinstates a previous exemption that was removed in 2019, which had led to negative impacts on small businesses, coin conventions, and investment activities within the state. By eliminating the sales tax on precious metals, Ohio aims to treat gold and silver as money rather than commodities, reducing transaction costs and encouraging their use in everyday transactions. This legislation positions Ohio as the 41st state to remove sales tax on gold and silver bullion, challenging the Federal Reserve's monopoly on money.