New Jersey Makes Bold Move to Exempt Sales Tax on Precious Metals Transactions Effective January 1st of 2025

BOONTON, NJ / ACCESSWIRE / September 18, 2024 / On September 12, 2024, New Jersey made the bold move that's sure to excite collectors, investors, and precious metal enthusiasts.

Boonton, NJ, September 18, 2024 - On September 12, 2024, New Jersey made a bold move that will surely excite collectors, investors, and precious metal enthusiasts. With the implementation of New Jersey Senate Bill 721, the state has exempted sales tax on all transactions involving gold, silver, and other precious metals. This move positions New Jersey as one of the most favorable states in the nation for buying and selling these valuable assets.

Spearheading this momentous change was Matthew Eisenberg, the Owner and Trading Director of Garden State Gold & Coin. His dedication and collaboration with esteemed New Jersey State Senators Anthony Bucco (R), Paul Sarlo (D), and numerous other Senators and Assemblymen and women, played a pivotal role in making this legislation a reality.

His dedication and commitment helped push S721 through the legislative process, ultimately making it a reality.

"This is a historic win for our industry," said Eisenberg. "By removing the sales tax, the state has made it easier and more profitable than ever for clients to invest in precious metals. We're proud to lead this change and encourage everyone to take advantage of the opportunity."

Effective January 1, 2025, transactions involving gold, silver, and other precious metals will be exempt from sales tax across the state, meaning both buyers and sellers can maximize the value of their investments without added costs.

Eisenberg wasn't quick to celebrate too soon, however.

"While we are now closer to joining 45 other states across the country on tax exemption, it is important to realize that this bill, as it stands, still penalizes entry-level buyers. We still have a lot of work to do in removing the threshold whereas clients will still have to pay 7% sales tax on sales under $1,000. The work is just getting started on making New Jersey a safe haven for precious metals buyers and sellers, and that's something I take a lot of pride in."

Garden State Gold & Coin encourages everyone to stop by their Boonton location to take advantage of this change and become further educated on the process of investing in precious metals. With over 15 years of expertise and over 130 five-star Google reviews, Garden State Gold & Coin remains committed to providing top-notch service and the best value in the state.

About Garden State Gold & Coin

Garden State Gold & Coin is Northern New Jersey's premier destination for buying, selling, and trading gold, silver, rare coins, and precious metals. Located on Main Street in Boonton, the shop has built a strong reputation for providing expert knowledge, fair prices, and exceptional customer service. With a focus on transparency and value, Garden State Gold & Coin has proudly served the community for years.

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