Illinois Gold & Silver Bullion / Collectible State Sales Taxes

Rules and Regulations for the State of Illinois

The State of Illinois requires the collection of occupation taxes on certain products sold by Electrum Gold and delivered to an Illinois address.  These taxes must be collected on (1) palladium products; (2) copper products; (3) any bullion with a purity of less than 980 parts per 1,000; (4) any coins that were issued by any other U.S. state other than the State of Illinois; (5) accessory items; and (6) processed items.

The following definitions apply to products on which taxes must be collected in Illinois:

• Bullion. Gold, silver, or platinum in a bulk state with a purity of not less than 980 parts per 1,000.
• Accessory Items. Items such as holders, tubes, coin flips, and apparel.
• Processed Items. Precious metals that have been processed by third parties into items that are valued on more than their precious metal content, such as statues or colorized coins.

Occupation taxes in Illinois are calculated based on (1) the taxability of products sold by Electrum Gold in Illinois set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Illinois.

PLEASE NOTE:  THE ABOVE IS NOT A COMPREHENSIVE DESCRIPTION OF SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF ILLINOIS.  IT IS ONLY INTENDED TO PROVIDE THE READER WITH A BRIEF OVERVIEW OF THOSE SALES TAX LAWS AND REQUIREMENTS CURRENTLY IN EFFECT IN THE STATE OF ILLINOIS THAT RELATE TO THE READER’S TRANSACTIONS WITH ELECTRUM GOLD.  IF YOU WOULD LIKE TO RESEARCH THE SALES TAX LAWS AND REQUIREMENTS IN THE STATE OF ILLINOIS, WE SUGGEST YOU VISIT THE ILLINOIS DEPARTMENT OF REVENUE LOCATED AT HTTPS://WWW2.ILLINOIS.GOV/REV/PAGES/DEFAULT.ASPX.