AUSTIN, Texas - (AP) - The Texas House has overwhelmingly approved a bipartisan measure removing sales tax when consumers purchase gold coins and other small quantities of precious metals.
The bill would exempt from sales tax the purchase of up to $1,000 in metal coins. It was authored by Rep. David Simpson, a tea party Republican from Longview.
Many lawmakers signed on as co-sponsors, saying it would make it easier for low-income Texans to bolster their savings with some precious metals.
It passed overwhelmingly with a simple voice vote Saturday.
The measure is expected to cost the state at least $375,000 through fiscal year 2015. But 21 other states already have no sales tax on gold and silver coins.
It must clear a final, procedural hurdle in the House before heading to the state Senate.
- Brownwood domestic violence shelter holding candlelight vigil Thursday
- Brownwood breaks four month slide in sales tax collections
- Brownwood man faces backlash for controversial Halloween display
- Brownwood traffic stop leads to arrest of Abilene man, 21, with 42 grams of meth
- Family, friends of Brownwood man express grief after body found, ID'd
Copyright 2016 by KTXS All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Football Friday Night: Latest scores from Abilene, the Big Country
- Brookesmith ISD board appoints acting principal in wake of superintendent stepping down
- Brookesmith ISD superintendent steps down amid talk of consolidation with another district
- Judge tweaks sentences for couple convicted of murdering Abilene police officer
- Brookesmith ISD meeting on possible consolidation gets heated