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
Category Archives: sales-tax exemption
New Kansas Bill Provides Sales Tax Exemption
On Thursday, May 16, 2019 Kansas governor Laura Kelly 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 bill, but certainly better than where we were,” said Dean Schmidt (Dean Schmidt Rare Coins). The late Diane Piret, ICTA’s director of legislative affairs, would agree
Greedy states exaggerate tax yield
Last week, I traveled to another state to meet, along with some of that state’s coin dealers, with revenue and tax officials. The purpose of the meeting was to discuss the impact on state tax collections should a rare coins, precious metals, and paper currency sales tax exemption be adopted by the state in 2019. Currently, only 13 states and the District of Columbia that impose a sales tax do not have a complete or partial sales tax exemption for rare coins, precious metals bullion, and currency
Louisiana enacts new exemption on coins and precious-metals bullion
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, from April 1 through June 30
Minnesota gets sales-tax exemption on precious-metals bullion
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
Minnesota gets sales-tax exemption on precious-metals bullion
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
Association Spotlight: Industry Council for Tangible Assets
This is the first in a planned series of articles on the groups and associations that serve the interests of numismatists around the country.
For the last few years, the Industry Council for Tangible Assets (ICTA) has been on a mission