Maine lawmakers kill bill to exempt gold from tax

Maine lawmakers kill bill to exempt gold and silver from tax and to make it legal tender

Associated Press

AUGUSTA, Maine (AP) -- The Maine Legislature has killed a bill to make gold and silver legal tender in Maine and exempt it from sales taxes.

Passage of the bill was a longshot as it went to the Senate on Tuesday, where it was rejected. The House voted last week against the bill.

Supporters saw it as a way to draw some of the multimillion-dollar coin trade show business away from neighboring New Hampshire. They also said passage would give Maine residents opportunities to purchase locally instead of out of state, which would help Maine businesses to stay in business and grow.

But opponents were skittish about creating a new tax exemption, saying it could encourage other requests for tax breaks.

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