Measure to Expand Savings Opportunities for Low-Income Families Gains Over 110 Co-Authors, Favorably Reported Out of Ways and Means Committee
LONGVIEW – Representative David Simpson (R-Longview) announced today that HB 78, a bill that will expand savings opportunities for low and middle-income families, has surpassed 110 co-authors. The “Everyone’s Savings” bill removes the requirement to collect sales taxes on the purchase of gold and silver coins and bullion below $1000. Currently, purchases above $1000 are not taxed, allowing higher-income Texans to save and invest in precious metals without a tax penalty.
“This bill will remove a barrier to savings for low- and middle-income families,” said Rep. Simpson. “For a long time, higher-income families have been able to protect their earnings by investing in precious metals without a tax penalty. HB 78 will afford that same opportunity to everyone.”
HB 78 enjoys broad support in both parties and across all parts of the state. The bill was referred to the Ways and Means Committee where it was last night reported favorably and unanimously to consideration by the full House.
Ways and Means Committee Chairman and bill joint-author Harvey Hilderbran also stated, “With HB 78, the Legislature has the chance to expand savings opportunities for all Texans, regardless of income or class. This is about basic fairness for all our citizens. I am glad to joint-author the bill and encourage my fellow legislators to help us pass this common sense measure.”
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.