A bill exempting certain coins made from gold, silver or other precious metals from the sales tax passed the House and Senate in Tennessee this week and is now heading to Governor Lee for his signature.
The bill (SB 1857 / HB 1874) was sponsored by Senator Frank Nicely and Representative Bud Hulsey. It had a total of 31 co-sponsors and broad bipartisan support.
The vast majority of states (41) have eliminated sales tax on gold and silver, which are recognized as legal tender in Article I, § 10 of the Constitution. Removing the sales tax on precious metal coins makes their actual use as currency for everyday transactions significantly more viable.
https://wapp.capitol.tn.gov/apps/BillInfo/Default.aspx?BillNumber=SB1857