Rules of Gold in Maryland

Maryland's longstanding sales tax exemption for precious metal bullion and coins above $1,000 (Md. Tax-General §11-214.1) was REPEALED by HB 352 (the Budget Reconciliation and Financing Act of 2025), signed by Gov. Wes Moore on May 20, 2025 and effective July 1, 2025. As of July 1, 2025, all precious metals sales — bullion, coins, and currency — are subject to Maryland's 6% state sales tax, with the only remaining narrow exemption applying to sales at the Baltimore Convention Center (a location-based carve-out). Restoration legislation SB 309 (Sen. Jennings, lead) cross-filed with HB 500 (2026 Regular Session) passed both chambers unanimously — Senate 42-0 and House 133-0 — and was sent to Governor Moore. Tier-2 verification correction (2026-04-26): the bill as introduced would have removed both the $1,000 threshold AND the Baltimore Convention Center location restriction; the final enacted version (post-House amendment) RETAINS the $1,000 threshold and only removes the location-based restriction. So the practical effect of SB 309, if signed, is to restore Maryland to a regime substantially similar to its pre-2025-July framework — a $1,000-threshold-with-no-location-limit exemption — rather than a fully threshold-free exemption. Effective date if signed: July 1, 2026. Gov. Moore signed approximately 140 bills in an April 14, 2026 ceremony; SB 309 inclusion in that batch is not directly confirmed in this research session. As of April 26, 2026, status is `No` (fully taxable except Baltimore Convention Center) but field flips to `Yes-with-threshold` (≥$1,000 sales exempt at any location) if Moore signs SB 309 — a near-certain outcome given the 42-0 / 133-0 vote margins. Operator must verify SB 309 signing status before publishing.

Maryland has not enacted a statute recognizing gold or silver coin or specie as legal tender. HB 1312 (2026 Regular Session) is pending in the General Assembly and includes a definition of "specie" as gold or silver coin issued by the United States or a foreign government, or gold or silver in the form of bars or other physical form certified at least 99% pure. Final disposition not yet known. Maryland remains absent from the legal-tender state list as of 2026.

Maryland taxes capital gains as ordinary income through its 10-bracket individual income tax system, ranging from 2% on the first $1,000 of taxable income up to 6.50% on income above $1 million (single) or $1.2 million (joint), with two new top brackets (6.25% and 6.50%) added effective January 1, 2025. Plus: a 2% capital gains surcharge applies to net capital gains for individuals with federal AGI exceeding $350,000, also effective 2025 — the only such surcharge in any state in this dataset. Exemptions to the surcharge: primary-residence gains under $1.5M and assets in retirement accounts. There is no precious-metals-specific carve-out. Capital gains on physical gold and silver are taxed at the applicable bracket rate plus, for high-AGI filers, the 2% surcharge.

Maryland has not enacted enabling legislation authorizing a state-administered or state-chartered bullion depository. No active depository-authorization bill was identified in this research pass.

The Maryland State Treasurer does not hold physical gold or silver as a reserve asset on the state balance sheet. The Treasurer's statutory authority encompasses receiving, depositing, investing, and distributing state funds, selecting depository facilities, issuing payments, safekeeping state securities, and providing insurance protection — no provision permits physical-metals holdings.

The Maryland State Retirement and Pension System (SRPS / MSRPS) — providing retirement, death, and disability benefits for over 420,000 members including state employees, teachers, police, and judges — does not hold physical gold or silver as a portfolio asset. The 15-person Board of Trustees, led by the State Treasurer and Comptroller, oversees the approximately $70 billion portfolio under standard institutional asset allocation across public equities, fixed income, alternatives, and real estate. No precious-metals or commodities line item is disclosed.