Collectible / Gold and Silver State Sales Taxes in Illinois
Illinois Laws and Regulations
The State of Illinois requires the collection of occupation taxes on certain products sold by Silver.com and delivered to an Illinois address. These taxes must be collected on palladium products; copper products; any bullion with a purity of less than 980 parts per 1,000; any coins that were issued by any other U.S. state other than the State of Illinois; any coins issued by the Republic of South Africa; accessory items; and 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 at checkout on the Silver.com website based on (1) the taxability of products sold by Silver.com in Illinois set forth above, and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Illinois.
Silver.com began collecting occupation taxes in Illinois on October 1, 2018. Our occupation tax license number in Illinois is 4296-5071.
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 Silver.com. 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.