Maryland Advances Precious Metals Tax Exemption Bill to Governor

The bill has now been sent to Governor Wes Moore for consideration.

SB 309 passed both chambers with unanimous support, clearing the Senate by a vote of 42–0 and the House by a vote of 133–0. The Senate subsequently concurred with House amendments, completing final legislative approval before transmission to the governor.

Under Maryland law, the governor has 30 days to sign or veto the bill once it is presented. If no action is taken within that period, SB 309 will automatically become law without a signature. In the event of a veto, the General Assembly may override it with a three-fifths vote in both chambers. Industry stakeholders fully expect the bill to be signed, but it will not be considered law until that process is complete.

The legislation significantly broadens Maryland’s existing, limited exemption by removing location-based restrictions that severely constrained market activity. As originally introduced, SB 309 proposed eliminating

• The $1,000 minimum purchase threshold, and
• A requirement that transactions occur exclusively at the Baltimore Convention Center to qualify.

While the final enacted version retains the $1,000 threshold due to a House amendment, by removing the location-based restriction enacted in 2025 the bill nonetheless represents a meaningful expansion of current law. This change allows qualifying transactions to occur statewide rather than being confined to convention-center sales. The passage of SB 309 is widely viewed as a substantial improvement over Maryland’s previous framework. By expanding the exemption beyond a single venue, the legislation enhances accessibility for collectors, investors, and dealers across the state.

Strong in-person and written testimony from trade organizations, grassroots advocates, and industry partners during committee hearings underscored the economic importance of fair tax treatment for precious metals. Supporters of SB 309 emphasized several anticipated benefits:

• Improved competitiveness for Maryland-based coin shops and bullion dealers
• Retention of in-state transactions, reducing the incentive for consumers to purchase across state lines
• Support for small businesses and jobs in a highly price-sensitive market
• Increased economic activity, including ancillary taxable sales tied to numismatic commerce and events

The legislation also modernizes Maryland’s tax policy by recognizing precious metals as investment assets, aligning their treatment more closely with other financial instruments that are not subject to sales tax.

The effort to pass SB 309 included close coordination among industry advocates, including the National Coin & Bullion Association (NCBA), the Sound Money Association of Maryland, the Sound Money Defense League, and numerous local business owners. Notably, Whitman Expos and the Baltimore Convention Center also supported the initiative, recognizing the broader economic benefits tied to coin shows, tourism, and related commerce.

While advocates had initially pursued a full repeal of both the threshold and location restrictions, the enacted version of SB 309 is recognized as a strategic and meaningful step forward. Industry leaders view this progress as a foundation for future efforts to achieve a fully modernized, comprehensive statewide exemption.

With an effective date of July 1, 2026, SB 309 is expected to positively impact Maryland’s numismatic market by expanding access to tax-exempt transactions and improving the state’s standing relative to neighboring jurisdictions—pending final gubernatorial action.