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Oklahoma has a long and rich history. In the late 1800s, the United States passed laws allowing people to settle in the territory, taking the lands from the Native Americans, but also protecting some lands for their population to settle on and grow. To this day, Oklahoma has the largest percentage of Native Americans of any state in the country. In addition to government protected Native American lands, the state was also the location of many routes and trails for cattle drive across the plains of the south, especially those heading into or away from the Texas region. The vast open plains, surrounded by Hills Mountains, streams and rivers, combine to create a very unsettled weather pattern, which can result in massive tornadoes and thunderstorms. It is not heavily populated, but the vast majority of the population lives within the metropolitan zone of Oklahoma City and Tulsa. It has large resources of natural gas and oil, and its economy relies on energy, aviation and technology for its growth and prosperity. In recent years the state has seen a rise in economic growth, making it a leader in fastest growing economies of states in the nation.
With all of this positive news for the state concerning commerce and finances, you would think the state’s policies were very business and tax friendly. However, it is often a complicated mess like all other states. For instance, if you wanted to purchase precious metals like gold or silver in the state of Oklahoma, there are many possible additional expenses. Like other states, Oklahoma has a sales and use tax for all transactions within its borders. Under the tax law and regulations, www.tax.ok.gov, there is a state wide sales tax of 4.5%. However, the local counties and cities also add on tax resulting in wide range of tax rates across the state. For instance in Tulsa, there is state sales tax of 4.5%, county tax of .85%, and city tax of 3.167%, for a total of 8.517%. In Checotah, the state sales tax is 4.5%, county tax of 2%, and city tax of 4%, for a total of 10.5% sales tax.
This is important because some purchases of precious metals are exempt for state sale tax, while others are not. The exemption is for bullion bought and stored in a depository. A depository is defined as any institution that accepts delivery of precious metals and stores the bullion for the purchasers, excluding all financial institutions. Bullion is defined as any coins, bars, nuggets of gold, silver, platinum, and others whose value is determined by its metal content and not its shape or form. Specifically excluded are fabricated metals like jewelry and other collectibles. If any coin or other legal tender is created and presented for sale for more than its face value, or the value of the content of metal, than it is deemed for artistic value and is taxable. In other words, if you buy a gold coin with a face value of $5 dollars, and a weighted gold market price of $100 for $300 dollars, this is a taxable transaction.
Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Oklahoma residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.