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Bill

HB 729

Sales and Use Tax - Precious Metal Bullion or Coins - Exemption

2026 Regular Session Introduced by Lauren Arikan and 6 co-sponsors

Maryland bill exempts precious metal bullion and coin purchases from sales tax, reducing state revenue while potentially favoring higher-income investors.

Hearing 2/19 at 1:00 p.m.
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Bill Summary · HB 729

Legislative bill overview

HB 729 would exempt purchases of precious metal bullion and coins from Maryland's sales and use tax. The bill targets tangible precious metals (gold, silver, platinum, etc.) in bulk or coin form, removing the current tax burden on these transactions.

Why is this important

Precious metals serve dual purposes as both investment assets and inflation hedges for individuals and institutions. Tax exemptions on these purchases could affect state revenue while potentially making bullion investment more accessible to Maryland residents, particularly those using metals as alternative stores of value.

Potential points of contention

  • Revenue impact: Removing sales tax on precious metal transactions reduces state tax collections, which must be offset elsewhere or result in budget reductions
  • Definitional ambiguity: The bill requires clear legal definitions distinguishing taxable jewelry/collectibles from exempt bullion, creating potential loopholes or administrative challenges
  • Regressive effects: Precious metals investment is disproportionately accessible to higher-income individuals, potentially making this a tax break that benefits wealthier residents more than others
  • Out-of-state competition: Exemption could incentivize Maryland residents to purchase metals in-state rather than across state lines, but may also create compliance burdens for retailers

Compiled from official sources — confirm details with the bill’s official record.

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