Rules of Gold in Maine

Maine has not enacted a sales tax exemption for precious metal bullion or coins. Maine's 5.5% state sales tax applies to all bullion purchases regardless of size, shape, or transaction amount, with no exclusions for investment-grade gold, silver, platinum, or palladium. The operative statute, 36 MRSA §1760 (Maine Sales and Use Tax Law), contains no precious-metals exemption subsection. Numerous exemption bills have been introduced (LD 664, LD 809, LD 1051 in 2023, LD 372 in 2025) but none has been enacted. Maine is one of approximately five remaining states that taxes bullion at the state level (alongside Vermont, New Jersey, parts of New Mexico, and a handful of others).

Maine has not enacted a statute recognizing gold or silver coin or specie as legal tender. Multiple legal-tender bills have been introduced and failed across recent sessions: LD 149 (2013), LD 1277 (2021), LD 1371 (2021), LD 1270 (2023, "An Act to Protect Maine People from Inflation by Restoring Gold and Silver as Legal Tender"), and SP 0507 (2023). Maine remains absent from the seven-state legal-tender list as of 2026.

Maine taxes capital gains as ordinary income through its three-bracket individual income tax system: 5.80%, 6.75%, and 7.15% (top marginal rate) for tax year 2025, with standard deductions of $15,750 single / $31,500 joint. There is no preferential rate for long-term gains, no exclusion for capital gains, and no precious-metals carve-out. Capital gains on physical gold and silver are taxed at the applicable bracket rate.

Maine has not enacted enabling legislation for a state-administered or state-chartered bullion depository. Bills authorizing the State Treasurer to invest a portion of state funds in precious metals (companion provisions to LD 1270 / SP 0507 in 2023) have not advanced.

The Maine State Treasurer does not hold physical gold or silver as a reserve asset. No statutory authority exists; bills proposing this authority have not been enacted.

The Maine Public Employees Retirement System (MainePERS) — a defined-benefit retirement system covering state employees, public school teachers, municipal workers, and other participating public employers — does not hold physical gold or silver as a portfolio asset. Standard institutional asset allocation across public equities, fixed income, alternatives, and real estate; no precious-metals or commodities line item disclosed. The Maine State Treasurer is a statutory member of the MainePERS Board of Trustees (one of the few members not subject to legislative confirmation).