Florida Governor charts course to end sales taxes on Gold and Silver

For the second time in recent years, new sound money legislation has become law in Florida.

Governor Ron DeSantis signed H 999 this week, paving the way for the elimination of the Sunshine State’s remaining sales taxes on purchases of gold and silver coins, bars, and rounds.

At present, Florida imposes sales taxes on smaller purchases involving most forms of physical gold and silver. If a purchase is above $500, it is exempt from sales taxes. On the other hand, purchases under $500 (unless they are U.S. minted coins) are subject to at least 7% in state and local sales taxes -- a regressive tax policy disproportionately harming Florida’s small-time savers and investors.

Taxation on precious metals is the greatest impediment to citizens adopting their own personal gold standard. As of today, though, 46 states have either partially or fully exempted gold and silver purchases from sales taxes -- and 14 states have exempted gold and silver sales from income tax.

Before the new sales tax exemption can become official in Florida, however, government bureaucrats must promulgate new regulations -- and those regulations must be approved by the legislature before July 1, 2026. Failing that, H 999 will be automatically repealed.

H 999 also affirms that gold or silver coin and bullion should be considered legal tender.

This concept is consistent with Article 1 Section 10 of the U.S. Constitution, which reads: “No state shall…coin Money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts…”

This is not the first time Governor Ron DeSantis has signed a sound money bill. In 2023, he signed H 737, which passed the legislation with the backing of the Sound Money Defense League and Money Metals Exchange.

H 737 eliminated onerous regulations on precious metals dealers in Florida, including mandates for long holding periods on acquired inventory and requirements to make burdensome, privacy-destroying government filings.

America’s 54-year experiment in a purely fiat currency system has gone poorly. Without backing of gold or silver, the Federal Reserve note “dollar” has continuously declined in purchasing power. The nation has faced a series of Fed-created booms caused by interest-rate manipulation, followed by busts as well as an explosive growth in government spending and debt.

When savers, wage earners, and investors seek ways to protect their savings from the ravages of inflation, they often choose precious metals over fiat currency because precious metals have preserved purchasing power over time.

By paving the way for a full Florida sales tax exemption on purchases of precious metals and a formal reaffirmation that gold and silver are money, H 999 could ultimately provide both functional and symbolic support to Florida citizens who choose to protect their savings using the monetary metals.

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