By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]
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By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]
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By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]
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By Stefan Gleason – Money Metals Exchange …… Responding to overwhelming grassroots support over the last three years, lawmakers in the Kentucky House of Representatives have voted today, March 9, 2023, to end the state’s controversial practice of imposing sales taxes on all purchases of precious metals. House Bill 360 (PDF Link), a sweeping sales […]
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By Stefan Gleason – Money Metals Exchange …… State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature. Senate Bill 2019 (PDF link), sponsored by Senator Chad […]
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By Stefan Gleason – Money Metals Exchange …… State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature. Senate Bill 2019 (PDF link), sponsored by Senator Chad […]
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By Stefan Gleason – Money Metals Exchange …… With Governor Bill Lee’s (R) signature on Friday, Tennessee has officially become the 42nd state in the United States to remove sales taxes from constitutional sound money (i.e., gold and silver). Tennessee’s House Bill 1874 and Senate Bill 1857, introduced by Representative Bud Hulsey (R-2) and Senator […]
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By Stefan Gleason – Money Metals Exchange …… Both houses of the Tennessee legislature yesterday overwhelmingly passed bills that would make the Volunteer State the 42nd state in the U.S. to remove sales taxes from constitutional sound money (i.e., gold and silver). Tennessee’s House Bill 1874 and Senate Bill 1857, introduced by Representative Bud Hulsey […]
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By Stefan Gleason – Money Metals Exchange …… With Governor Kay Ivey’s signature on sound money legislation today, Alabama has become the second state this year to expand its sales tax exemption involving gold and silver. Alabama Senate Bill 13, championed by State Senator Tim Melson (R) and Representative Jamie Kiel (R-18), passed with unanimous […]
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By National Coin & Bullion Association (NCBA) …… On March 2, Virginia governor Glenn Youngkin signed House Bill 3, which extends the sunset date for the sales-tax exemption on gold, silver, and platinum bullion and legal tender coins to June 30, 2025. Under the previous law, the exemption would have expired on June 30, […]
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By Jp Cortez – Money Metals Exchange …… Last year was a good year for state-level sound money legislation across the United States. 2022 could be even better. Building on the success enjoyed by sound money advocates in Arkansas and Ohio last year, more than a half dozen states are now considering legislation that rolls […]
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By National Coin & Bullion Association (NCBA) …… The National Coin & Bullion Association (NCBA) dealer-members Dan Hedges (Auro Industries in Little Rock, Arkansas) [Left] and David Miholer (The Executive Coin Company in Stow, Ohio) [Right] have received the association’s 2021 Diane Piret Memorial Outstanding Service Award for their continuous dedication and financial contributions to […]
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By Jp Cortez – Money Metals Exchange …… On Thursday, January 20, an Oklahoma state representative introduced legislation that would enable the State Treasurer to protect Sooner State funds from inflation and financial risk by holding physical gold and silver. Introduced by State Representative Sean Roberts (R-36), HB 3681 would include physical gold and silver, […]
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In light of the Supreme Court’s South Dakota v. Wayfair decision, what would it mean for your business to be free of the burden of collecting sales tax on the coins, currency, and precious-metals bullion you sell? Even if your business is not located in one of the states below, if any of your customers–be […]
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The Ohio 2022–2023 budget reinstates the sales tax exemption for the purchases of investment metal bullion and investment coins that was eliminated in the previous budget. Two bills, House Bill 268 and House Bill 110, had the possibility of reinstating the exemption, with the budget bill, HB110, succeeding. The Ohio Senate Finance Committee and Ohio […]
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The National Coin & Bullion Association (NCBA) is fighting to preserve sales-tax exemptions on coins, paper money, and precious-metals bullion in 39 states, and we are also working to gain such an exemption in the 11 states that do not currently have one. We are currently seeking 400 coin and precious metals dealers to take […]
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By Industry Council for Tangible Assets…. On May 3, 2021, Arkansas governor Asa Hutchinson (R) signed into law Senate Bill 336, creating an exemption from the sales and use tax for coins, currency, and bullion. “The bill’s primary sponsor, Senator Mark Johnson (R), along with its House sponsor, Representative Delia Haak (R-91), championed the bill […]
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The Industry Council for Tangible Assets (ICTA) dealer-member Dan Duncan (Pinnacle Rarities in Olympia, Washington) has received the association’s 2020 Diane Piret Memorial Outstanding Service Award for his continuous dedication and financial contributions to maintaining Washington State’s sales-tax exemption on sales of collector coins, bullion coins, and bullion. Duncan and other local dealers, particularly Karen […]
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For those of us who have seen volatile markets multiple times over the decades, it is entirely understandable that when the spot prices in the “paper” commodity markets suddenly plummet, the premiums for actual physical gold and silver coins and ingots can soar.
To give one example: At the COMEX close on March 11, 2020, with the spot price of silver at $16.78, the company where I work was selling $1,000 face value bags of U
From the Feb. 14, 2020, Numismatic News E-NewsLetter
Are you concerned about the ever-increasing tax requirements that affect coin dealers? What impact do you think it will have on the hobby?
Here are some answers sent in from our E-Newsletter readers.
I used to be a part-time dealer for a few years; it wasn’t a business and I wasn’t in it for the money
By Industry Council for Tangible Assets …… Industry Council for Tangible Assets (ICTA) dealer-member Dean Schmidt (Dean Schmidt Rare Coins, Atchison, Kansas) was honored during the ICTA dinner and update at Tony Roma’s in Orlando, Florida, on January 8 as the recipient of the 2019 Diane Piret Memorial Outstanding Service Award for his efforts to […]
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By Patrick Heller
Two weeks ago, I wrote about the growing problem of how sales facilitators (referred to by many states as “market providers”) such as Amazon and eBay are now required to collect and remit the sales taxes applicable in the buyer’s state if the seller is from a different state. Unfortunately, every software system approved by the Streamline Sales Tax Governing Board, Inc. and available to Amazon and eBay has a number of errors in 1) implementing existing states’ sales tax exemptions, and 2) calculating the correct sales taxes to collect in states where county and local sales taxes may apply
By Patrick Heller
As explained during the Industry Council for Tangible Assets meetings at the Florida United Numismatists convention in Orlando earlier this month, dozens to hundreds of coin dealers are now facing requirements to register with state treasury departments outside of their home state.
These new registration requirements are the result of recently enacted legislation and regulations issued by most states as a result of the June 2018 South Dakota v. Wayfair Supreme Court decision
Precious Metals Dealer, Sound Money Group Rank the 50 States’ Gold and Silver Policies By Money Metals Exchange …… “Is Your State Destroying Your Money?” asks the Sound Money Defense League and Money Metals Exchange with the release of the 2019 Sound Money Index. The index is the first index of its kind, ranking […]
The post Wyoming, Texas, Utah Top 2019 Sound Money Index — Vermont, Arkansas, New Jersey Among the Worst States appeared first on CoinWeek.
There will doubtless be a number of unintended consequences arising out of the June 2018 Supreme Court decision in South Dakota v. Wayfair. The issue in this court case was whether the South Dakota government could require some out-of-state sellers with no nexus in South Dakota to collect and remit that state’s sales taxes when making sales to state residents
By Industry Council for Tangible Assets (ICTA) …… ICTA member Dave Miholer (Executive Coin Company, Stow, Ohio) brought to our attention in May that the Ohio 2020–2021 budget eliminated the sales-tax exemption on the purchases of investment metal bullion and investment coins. The budget plan also directs the state to begin collecting sales taxes on […]
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By Industry Council for Tangible Assets …… On Thursday, May 16, 2019, Kansas governor Laura Kelly (D) signed into law House Bill 2140, which provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion. “The outcome is not everything we started with in the original […]
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By John Villavicencio for the Gold & Silver PAC …… Gold & Silver News From the Political Coordinator April showers bring… taxes The tax filing deadline for 2018 has come and gone, but what do you need to know for your 2019 taxes? If you sell on eBay or do business in California, keep […]
The post Gold & Silver PAC News – April/May 2019: Online Sales Tax Collection appeared first on CoinWeek.
By Sound Money Defense League …… Sound money advocates rejoiced on Friday, March 8 as the state legislature of West Virginia overwhelmingly passed Senate Bill 502 and sent it to Governor Jim Justice for his signature. First passed unanimously in the West Virginia Senate last month, the measure removes state sales taxation of precious […]
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It does not pay to be a coin collector in Wisconsin.
Or a paper money collector, for that matter.
As the phrase goes, “reality bites
Numismatists should be worried about how the hobby will be affected by a labyrinth of tax rules By Jeff Garrett for Numismatic Guaranty Corporation (NGC) …… Several months ago, I received the dreaded letter from the State of Kentucky notifying me that my company would be undergoing a four-year sales tax audit. Even though […]
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By Money Metals Exchange …… Sound money activists rejoiced as the Wyoming Legal Tender Act (PDF) became law today. The bill restores constitutional, sound money in Wyoming. Backed by the Sound Money Defense League, Campaign for Liberty, Money Metals Exchange, and in-state grassroots activists, HB 103 removes all forms of state taxation on gold and […]
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By Industry Council for Tangible Assets …… On Tuesday, March 6, 2018, Alabama governor Kay Ivey signed into law Senate Bill 156 to exempt the gross proceeds from the sales of gold, silver, platinum, and palladium bullion, and money from sales and use tax for five years. The law is a sales-and-use tax exemption on […]
The post Alabama Becomes 37th State with Bullion Sales Tax Exemption appeared first on CoinWeek.
By Scott Barman for the Gold & Silver PAC ….. Gold & Silver News From the Political Coordinator Hurricane Harvey has devastated southeast Texas. While Houston is getting most of the media coverage since it is the nation’s fourth largest city, the area of impact starts in the Corpus Christi area extending north of Galveston to […]
The post Gold & Silver PAC September 2017 e-Newsletter appeared first on CoinWeek.
By Industry Council for Tangible Assets ….. On Tuesday, July 25, 2017, North Carolina governor Roy Cooper signed into law House Bill 434: Coins/Currency/Bullion Sales Tax Exemption. The law is a complete sales-and-use tax exemption on coins, currency, and precious-metals bullion sales. “The bill’s author, Representative Dana Bumgardner, coauthors Representative Jeff Collins, Representative Mark Brody, […]
The post North Carolina Joins 35 Other States with Sales Tax Exemption on Coins appeared first on CoinWeek.
Gold & Silver American Eagle Coins By Scott Barman for the Gold & Silver PAC ….. From the Political Coordinator During a meeting of the Gold & Silver PAC at the National Money Show in March 2013, members were provided a chance to meet with Representative Steve Scalise (R-LA1), the Republican representative from New Orleans. Scalise […]
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By Industry Council for Tangible Assets ….. Last year, the Louisiana legislature, facing a $900 million deficit, held a special legislative session and increased Louisiana’s 4% sales tax to 5%. In addition to increasing the state sales tax, it eliminated nearly all tax exemptions and exclusions–including numismatic coins and precious metals bullion exemptions–for three months, […]
The post Louisiana Coins and Precious Metals Bullion Exemption Enacted appeared first on CoinWeek.
By Industry Council for Tangible Assets ….. On May 30, 2017, Minnesota governor Mark Dayton signed into law omnibus bill H1A, which included a sales-tax exemption on precious-metals bullion. (An omnibus bill is a proposed law that covers many diverse or unrelated topics.) The new law will take effect on July 1, 2017. Minnesota becomes […]
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By Scott Barman for the Gold & Silver PAC ….. From the Political Coordinator Partisanship on Capitol Hill has gone from bad to worse. The staunch partisanship that was limited to the members and senior staff has now infected staffs on all sides. Although there are a few people who will talk with members of the […]
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By Scott Barman for the Gold & Silver PAC ….. It’s tax time. Some expert tips to make sure you are in compliance with the law. Internet Sales Tax Although congress has not had any discussions about interstate sales taxes for cross-state purchases, the National Governors Association (NGA) did have some discussions about the issue during […]
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By Coinweek …. CoinWeek News Wire for March 10, 2017 Brain Food 1.) Switzerland ranked world’s worst currency manipulator The Economist magazine placed Switzerland first in a recent ranking of currency manipulators. According to the analysis, China, commonly thought of as the world’s champion at keeping its currency’s value artificially low, appears to be doing […]
The post CoinWeek News Wire for March 10, 2017 appeared first on CoinWeek.
By John Brush – President, David Lawrence Rare Coins …… To paraphrase Margaret Mead, a small group of thoughtful, committed citizens can make great change when working together. John Brush of David Lawrence Rare Coins and John Feigenbaum of the Coin Dealer Newsletter–along with lobbyist Stephen Haner and the Industry Council for Tangible Assets (ICTA)–have […]
The post Virginia Becomes Latest State to Pass Rare Coin Sales Tax Exemption appeared first on CoinWeek.
By Scott Barman for the Gold & Silver PAC ….. From the Political Coordinator As I was sitting down to talk with an old friend over coffee, he turns to me and says, “I think frankly when it comes to chaos you ain’t seen nothing yet.” This Washington veteran, who began his career as an intern […]
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By Industry Council for Tangible Assets …… At its Board of Directors meeting last week in Anaheim, California, the Industry Council for Tangible Assets (ICTA) installed its new officers for 2016–2018. Former U.S. Mint director Philip N. Diehl, currently the president of U.S. Money Reserve in Austin, Texas, was named as the new chairman. Diehl […]
The post Bullion & Precious Metals News – ICTA Names New Officers appeared first on CoinWeek.
By Scott Barman for the Gold & Silver Political Action Committee ….. From the Political Coordinator In my introduction to the August 2015 newsletter I said that “22 men and women have thrown their proverbial hats in the ring to become President of the United States.” One year later, we are down to two representing […]
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By Ron Drzewucki – www.moderncoinwholesale.com….. Link to Part 1 | Part 2 In the U.S., sales tax is levied on a state and local level, so there is no one rule that fits all precious metal purchases. The complications wrought by conflict between the tax laws applying to the buyer versus the tax code […]
The post Ron Drzewucki’s Bullion Sales Tax Series, State by State: Pt. 3 appeared first on CoinWeek.
By Ron Drzewucki – www.moderncoinwholesale.com….. In the U.S., sales tax is levied on a state and local level, so there is no one rule that fits all precious metal purchases. The complications wrought by conflict between the tax laws applying to the buyer versus the tax code applicable in the dealer’s location is inefficient and […]
The post Ron Drzewucki’s Bullion Sales Tax Series, State by State: Pt. 2 appeared first on CoinWeek.