All business owners–including coin dealers–should get ready for the government paperwork nightmare resulting from last year’s Supreme Court decision in South Dakota v. Wayfair.
State governments are on the verge of notifying out of state businesses of the possibility that they may need to register to collect that state’s sales tax and file sales tax reports, even if no sales taxes are due
The Ohio legislature, after going back and forth on the issue, sent a fiscal 2020-2021 budget bill to Governor Mike DeWine’s office that eliminates that state’s existing sales tax exemption on precious metals bullion and bullion-priced gold and silver coins, effective Oct. 1, 2019.
According to budget plans, once again imposing sales tax on such products will result in a net increase in Ohio total tax collections
Right now, five states do not impose any state sales taxes (Alaska, Delaware, Montana, New Hampshire, Oregon) and 32 have complete or partial sales tax exemptions on the in-state retail sales of precious metals bullion and rare coins.
On July 1, West Virginia’s sales tax exemption on precious metals bullion and rare coins go into effect. It is possible that, before the end of 2019, there may be another state that adopts such a sales tax exemption
As of right now, 37 states have either no state sales taxes at all (Alaska, Delaware, Montana, New Hampshire, and Oregon) or have complete or partial sales tax exemptions on the in-state retail sales of coins and precious metals bullion. That may soon change.
All ten of the most populous states and 17 of the 20 most populous have such exemptions, so that well over 80% of the nation’s residents have such an exemption where they live