05/27/2025
Imagine if New York State Charged 8% sales Tax on all your 401k or IRA investments.
New York is considering this for Gold and Silver coins or bullion investments sold inside of New York State.
As if you need another Reason to leave New York.
Help us Stand up to Unfair tax Proposal inside the New York State Senate.
Vote NAY to Oppose this tax on your investments and retirement savings.
Stop S7875 from Stripping Tax Relief from NY Investors!
Senate Bill S7875 is moving forward in Albany and poses a serious threat to New York investors, collectors, and small businesses. The bill would significantly narrow the state’s sales-tax exemption for precious-metal bullion, limiting it only to governmental entities and international institutional buyers. This change would exclude individual investors and collectors, undermining citizens’ ability to protect their savings and making New York uncompetitive with 46 other states.
The Senate Budget and Revenue Committee is scheduled to review the bill in a meeting on Wednesday, May 28 at 1:00 p.m. in Room 912 of the Legislative Office Building. Although the meeting will be livestreamed, the public cannot participate directly. There are ways to make your senators and the committee members aware of your opposition, though.
ACT NOW: Tell Lawmakers to Vote NO on S7875
Register your opposition by visiting the official bill page and selecting “NAY” (https://www.nysenate.gov/legislation/bills/2025/S7875)
Contact your state senator. Use the link to find their contact information and share your concerns. (https://www.nysenate.gov/find-my-senator)
Contact members of the Senate Budget and Revenue Committee, who will be deciding the bill’s fate on May 28. Urge them to vote NO on S7875.
Senate Budget and Revenue Committee Members
Sen. Andrew Gounardes, Chair, [email protected], 518-455-3250
Sen. Weber, Ranking Member, [email protected], 518-455-2991
Sen. Joseph P. Addabbo Jr., [email protected], 518-455-2322
Sen. Leroy Comrie, [email protected], 518-455-2701
Sen. Liz Krueger, [email protected], 518-455-2297
Sen. Jessica Ramos, [email protected], 518-455-2529
Sen. Steven D. Rhoads, [email protected], 518-455-3161
Why Oppose S7875?
Harm to Small Businesses and Jobs: S7875 would strip a critical exemption that supports local coin shops and bullion dealers. Similar changes in other states led to over 100 small business closures and significant job losses.
Unfair Burden on Individual Investors: By excluding individuals, retirees, and military families from accessing the exemption, S7875 treats precious metals like consumer goods rather than investment assets—other investments, like stocks and bonds, are not subject to sales tax.
Reduced Tax Revenue and Economic Activity: States that repealed or narrowed similar exemptions (like Ohio and Louisiana) saw lower—not higher—tax revenue due to shifts in consumer behavior and loss of local business activity.
Loss of Competitive Advantage: 46 states offer broader sales-tax exemptions. Restricting New York’s exemption would push investors and events to other, more favorable states.
Existing Policy Works: The current exemption under Tax Law §1115(a)(27) is sound. If lawmakers want a change, instead of restricting it they should consider removing the $1,000 transaction threshold to help small investors and keep commerce in-state.
A companion bill in the Assembly, A8511, sponsored by Assemblywoman Michaelle Solages, has also been introduced and referred to the Assembly Ways and Means Committee. We will keep members informed if this bill moves forward as well. But for now we must make sure the Senate knows of our opposition.
Send a message to learn more
