""The real issue is if people have to pay 8% sales tax, that's far more than we would make. And the result is our customers, they'll just go to neighboring states. They just won't make any bullion purchases in New York.""
""The tax break dates back to 1989 and applies to bullion sales of at least $1,000. Then-Gov. Mario Cuomo and state lawmakers approved it at the request of then-New York City Mayor Ed Koch, who argued that similar tax exemptions in Rhode Island and Delaware allowed those states to take a chunk out of what had been the city's dominance of the sale and storage of gold and silver.""
New York currently exempts sales tax on bullion purchases, a policy in place since 1989. Senate Democrats propose to repeal this exemption to enhance state revenue by hundreds of millions annually. This move faces opposition from the governor's administration and gold dealers, who warn it could harm the local market by driving customers to neighboring states or abroad. The original tax break was established to maintain New York's competitive edge in the precious metals market against states with similar exemptions.
Read at Gothamist
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