Boone County Kentucky Rep. T.J. Roberts (R-Burlington) has filed a bill in Frankfort that would allow Kentuckians to sue for refunds on sales tax collected on gold and silver transactions from Aug. 1, 2024, onward.
Sales taxes on gold and silver transactions in Kentucky legally ended on Aug. 1, 2024, and the new bill would allow people to sue in Kentucky’s circuit courts for refunds on any sales taxes on bullion transactions that were improperly collected after the abolition of the sales taxes took effect. It would also allow civil court litigants to seek damage awards and collect interest.
“This bill is all about fairness, accountability, and separation of powers, and I’m honored to fight for Sound Money for Kentuckians and to ensure that the citizens of our state are no longer subjected to taxes that should never have been collected in the first place,” said Roberts in a press release. “Many individuals of all socioeconomic classes utilize gold and silver as a means to save for retirement, and as a hedge against inflation because of its historical role in preserving value during times of economic uncertainty.”
Sound Money for Kentuckians is a state-based offshoot of the Sound Money Defense League, an advocacy organization that focuses on “restoring gold and silver to its historic role as America’s constitutional money,” according to its website. It has advocated for similar legislation in other states.
The bill itself, House Bill 2, would allow plaintiffs to bring suit seeking a refund when the secretary or commissioner of the finance and administration cabinet posts an official notice for the collection of sales taxes of bullion transactions on or after Aug. 1, 2024.
The bill, if approved, would also allow for the seeking of damages and would waive Kentucky’s sovereign immunity, a legal doctrine that prevents states from being sued without their consent.
Learn more about the bill at the legislature.ky.gov.