Michigan is a state located in the midwestern and Great Lakes regions of the United States. It is the 11th largest state at 96,716 square miles and the 10th most populated with over 10 million residents. The meaning behind its name come from French origins that translate into “large water” or “large lake”. It has 64,980 inland lakes and ponds throughout the state.
Bullion Sales Tax in Michigan
Michigan has a statewide sales tax rate of 6% with no additional local taxes added. If you purchases gold, silver, platinum bullion or certain numismatic collectibles, you will not be taxed. Bullion refers to gold, silver, or platinum’s at least .900 pure, with the value dependent on the precious metal content versus the form. Investment coins on the other hand, refer to numismatic coins or other forms of money/legal tender manufactured of gold, silver, platinum, palladium, or other metals that are issued by the U.S. government or a foreign government where the value of trading is more that the face value of the coin.