Maryland Restores Precious Metals Sales Tax Exemption Maryland precious metals investors and coin collectors have reason to celebrate. After a controversial change in 2025 that subjected most bullion purchases to Maryland's 6% sales tax, lawmakers have reversed course and restored the state's long-standing exemption for precious metal bullion and coins. Senate Bill 309 (cross-filed as House Bill 500) was signed into law by Governor Wes Moore on May 26, 2026, and takes effect July 1, 2026. For decades, Maryland recognized gold and silver bullion as investment assets rather than consumer goods. Investors purchasing physical precious metals were generally exempt from sales tax on qualifying transactions. However, legislation enacted in 2025 dramatically narrowed that exemption by requiring purchases to occur at the Baltimore Convention Center in order to qualify. As a result, nearly all purchases made through local coin shops, online dealers, and bullion retailers became subject to Maryland's 6% sales tax. The change quickly generated criticism from investors, collectors, and precious metals businesses across the state. Many argued that taxing gold and silver purchases placed Maryland at a competitive disadvantage compared to neighboring states where bullion remained tax exempt. Dealers warned that customers could easily shift purchases to out-of-state businesses, resulting in lost economic activity and reduced revenue for Maryland-based coin shops. Recognizing these concerns, the Maryland General Assembly overwhelmingly approved SB 309 during the 2026 legislative session. The new law removes the Baltimore Convention Center requirement and expands the exemption for qualifying precious metal bullion and coins. The legislation also updates the definition of precious metal bullion to better reflect modern bullion products whose value is primarily derived from their precious metal content. Perhaps most importantly for investors, the restored exemption means that purchases of qualifying gold, silver, platinum, and palladium bullion products will once again be exempt from Maryland sales tax beginning July 1, 2026. This change is expected to save investors hundreds or even thousands of dollars on larger purchases while helping Maryland dealers compete more effectively with businesses located in neighboring states. The passage of SB 309 represents a significant victory for Maryland's precious metals community. By eliminating sales tax barriers on investment-grade bullion, the state has reaffirmed the principle that gold and silver function as stores of value and investment assets rather than taxable consumer products. The legislation is expected to strengthen Maryland's numismatic and bullion marketplace while encouraging investors to continue building and preserving wealth through physical precious metals. As of July 1, 2026, Maryland investors can once again purchase qualifying precious metals without the burden of state sales tax, restoring a policy that many view as essential to maintaining a healthy and competitive precious metals market.