Hawaii

Hawaii’s Gold & Silver Bullion Tax Laws

The state of Hawaii doesn’t levy taxes on customers who purchase gold, silver, and platinum bullion, but it does have a GET, or a General Excise Tax, which is a tax on businesses including bullion dealers. The state of Hawaii also taxes capital gains on bullion. Hawaii residents also pay United States federal capital gains taxes.

Legislative Developments

• In 2021, Representative Val Okimoto (36-R) and Representative Dale Kobayashi (23-D) introduced House Bill 1184 for the purpose of ending the General Excise Tax on gold and silver bullion.

State Information

• Hawaii is an island state in the Pacific Ocean.
• In 1959, Hawaii became the 50th state in the United States.
• The capital of Hawaii is Honolulu.
• Hawaii had a population of 1,455,271 in 2020.
• Hawaii’s real gross domestic product (GDP) was $86.89 billion in 2023, while the median household income was $83,200 in 2023.
• Hawaii’s economy is based primarily on finance, insurance, real estate, government and government enterprises, tourism, recreation, entertainment, professional and business services, education, healthcare, and retail trade.

Economic and Personal Freedom Information

• Hawaii ranks #43 on the Sound Money Index that ranks states based on their friendliness toward gold and silver bullion.
• According to the Freedom in the 50 States report, Hawaii ranks #49 in overall freedom, #49 in economic freedom, and #39 in personal freedom.
• Hawaii ranks #41 on the Rich States, Poor States index, which evaluates states based on economic competitiveness by considering tax and regulatory burdens, as well as labor policies.