New York Precious Metals Sales-Tax Exemption Preserved

This critical exemption, protected under Statute 1115(a)(27), remains intact following the passage of Senate Bill S3009, which enacts significant components of New York State’s fiscal plan for the 2025–2026 fiscal year. The final version of the bill signed into law by Governor Kathy Hochul on May 9, 2025, did not include the proposed repeal provision.

“This is a significant victory for our industry and especially for the thousands of New York investors, collectors, and small businesses that rely on this exemption,” said NCBA executive director David Crenshaw. “Our members worked tirelessly to make their voices heard, highlighting the economic importance of this exemption and the critical role it plays in supporting jobs, investment, and economic growth in New York.”

Throughout the legislative process, NCBA and its industry partners engaged directly with lawmakers, providing compelling evidence of the potential economic harm that would result from repealing the exemption. The association highlighted examples from other states, including Florida and Ohio, that experienced significant economic downturns after eliminating similar exemptions, only to reinstate them later to prevent further damage.

“This victory demonstrates the power of grassroots advocacy and the importance of having a unified voice for the industry,” added Crenshaw. “We thank our members for their commitment and action, as well as the lawmakers who recognized the importance of maintaining this exemption.”

NCBA encourages its members to remain vigilant, as ongoing legislative pressures may continue to threaten this and other vital exemptions in the future. For more information or to join NCBA’s advocacy efforts, please contact ncba@ncbassoc.org or visit ncbassoc.org/membership.