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KY gold and silver tax bill gets governor sued

ByVictoria

In a complaint filed in Boone Circuit Court on March 27, the same day the legislation was delivered to the secretary of state’s office, an online bullion exchange and three Northern Kentucky residents said they and others are owed refunds on taxes improperly collected for their precious metals in the past eight months, naming Gov. Andy Beshear and several state offices as defendants.

The state representative, a frequent foil to Beshear who told colleagues in the House he sponsored the bill to ensure Kentuckians do not “pay taxes that were never lawful in the first place.”

HB 2 ensures the sale, use, storage or other consumption of “bullion currency” — gold, silver, platinum and other precious metals — cannot be taxed, overriding a line-item veto by Beshear that was included in a separate bill passed in 2024.

HB 2, which was filed in January and approved on party-line votes in the House and Senate, allows anyone who paid taxes on gold and silver after that Aug. 1 deadline to seek a refund in court.

Source – Courier Journal

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    Gold prices eased on Monday on a firmer dollar, in thin, holiday-season trade and as investors sought further clues on the U.S. Federal Reserve’s monetary policy for next year after its latest meeting signaled easing would be gradual.

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    ByVictoria
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    ByVictoria
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    ByVictoria
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