With five bills signed into law in 2023, sound money reforms are gaining momentum across the United States.

Money Metals' Sound Money Defense League project has emerged as an influential force, actively engaging in legislative battles by prompting intense grassroots support, drafting legislation, recruiting bill sponsors, and providing expert testimony directly to lawmakers.

Twenty-five states considered 50 pieces of legislation this year aimed at ending taxes on the monetary metals, strengthening state finances by investing reserve funds in physical gold, establishing in-state depositories, and more.

The 2024 Sound Money index, published by Money Metals Exchange, provides a full rundown on how each state stacks up in this important policy area.

Ending Sales Tax on Gold and Silver Is a Winning Issue

The vast majority of states have now eliminated taxes on the purchase of precious metals.

In 2023, Mississippi became the 43rd state to do so, following the recent examples set by Ohio and Arkansas in 2021 and Tennessee in 2022.

That leaves just seven sales tax states: New Mexico, Hawaii, Wisconsin, Kentucky, Maine, New Jersey, and Vermont.

Of these seven states, five considered legislation in 2023 to end the tax.

New Jersey hopes to become the 44th sales-tax-exempt state. Assembly Bill 5294 passed unanimously through the State Assembly by a vote of 74-0, and a Senate committee unanimously passed the bill this week.

Meanwhile, Money Metals leaders collaborated with legislators in Wisconsin to introduce Assembly Bill 29 and Senate Bill 33. These measures have garnered support from 24 cosponsors representing both sides of the aisle, with a hearing expected soon.

The Alaska State House passed HB 3, the bill seeking the end to borough and city sales taxes on sound money. The measure will be considered by the Senate when the legislature reconvenes in early 2024.