Oklahoma: Precious Metals Exemption Amended
- Sales Tax News
- Jun 6, 2014 | Gail Cole
Oklahoma lawmakers have amended legislation pertaining to the sales tax exemption for gold and similar precious metals.
Beginning November 1, 2014, gold, silver, platinum, palladium and other bullion items such as bars and coins and legal tender are exempt from Oklahoma sales tax when “sold according to its value as precious metal or as an investment.” Prior to November 2014, these precious metals were required to be “stored within a recognized depository facility” in order to qualify for the exemption (SB 862).
The exemption from sales tax does not apply “to fabricated metals that have been processed or manufactured for artistic use or as jewelry.”
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