Illinois Precious Metals Tax Information
The state of Illinois requires the collection of taxes on certain products sold by APMEX and delivered to an Illinois address.
Please note: The below 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 APMEX.
What Precious Metals Are Taxed?
Taxes must be collected on certain Palladium products, Copper products, any bullion less than .980 fine, accessory items and processed items.
Taxable Products in Illinois
The following definitions apply to products on which these taxes must be collected in Illinois:
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- Bullion. Gold, Silver or Platinum with a purity of less than .980 fineness.
- Accessory Items. Items such as holders, tubes, or coin flips.
- Processed Items. Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.
How Does Illinois Calculate Precious Metals Taxes?
Taxes in Illinois are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in Illinois set forth above and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Illinois.APMEX began collecting taxes in Illinois in October 2018.
