Legislation & Regulation

Legislative and Regulatory Update

July 2022 by Scott

• Extremist groups are at it again
As can be expected, environmental extremist groups have filed suit to stop another mining project. This time, it’s the Excellon Idaho Gold’s Kilgore Gold Exploration Project in Clark County, Idaho.

Some of the usual suspects are involved—the Idaho Conservation League and the Greater Yellowstone Coalition.

The groups claim the Forest Service violated environmental laws when they approved exploratory drilling. They claim the Forest Service should have opted for a complete Environmental Impact Statement (EIR) rather than following an Executive Order issued by former President Trump that expedited the review process.

• No sales tax on precious metals in Tennessee
Tennessee became the 42nd state to eliminate sales taxes on precious metals on May 27th.

Lead bill sponsor Bud Hulsey said, “I’ve been working to free gold and silver from sales taxes in Tennessee since my kids were in elementary school. The Sound Money Defense League, in-state dealers, and folks all across Tennessee made their voices heard and helped get this bill across the finish line.”

The only states that still tax precious metal coins and bullion are Vermont, New Jersey, Maine, Kentucky, Wisconsin, New Mexico, Mississippi and Hawaii. The District of Columbia also taxes physical gold and silver purchases.