ALLOWING EQUAL OPPORTUNITIES TO PURCHASE GOLD AND SILVER
The legislation, which removes a significant barrier for less wealthy families
preserving their earnings, gained over 122 co-authors during the session
(Longview) – Today the “Everyone Savings” bill (HB 78), authored by Representative David Simpson (R-Longview) goes into effect. The measure expands savings opportunities for less wealthy families throughout the state.
The “Everyone’s Savings” law removes the requirement to collect sales taxes on the purchase of gold and silver coins and bullion below $1000. Before now, only purchases of $1000 or more were not taxed, allowing higher-income Texans to save and invest in precious metals without a tax penalty.
“No matter where you’re from or your political leanings, we can all agree that all Texans should be afforded the same opportunities to protect their earnings by saving and investing in precious metals if they so desire,” Simpson said. “The people of Texas are well served with this common sense law, and I thank the legislators in both houses for granting our fellow citizens this equal opportunity.”
By the time of final passage 122 joint- and co-authors supported HB 78 with Rep. Simpson. The bill was sponsored in the Senate by Senator Kevin Eltife (R-Tyler) and co-sponsored by Senators Jane Nelson, Ken Paxton, and Charles Schwertner.
A nearly identical measure was adopted by the House through floor amendments last session but was not included in the final conference committee bill.
Representative Simpson, Republican from Longview, serves House District 7 which is comprised of Gregg and Upshur counties.