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Thursday
Jun162016

Ohio Governor Kasich Signs Rare Coin and Bullion Sales-Tax Exemption

 

The Industry Council for Tangible Assets has shared the following press release:

On June 14, 2016, Ohio governor John Kasich signed into law SB 172, which provides for a sales-tax exemption on rare coins and precious-metals bullion. The new law will take effect on January 1, 2017. Ohio becomes the 34th state to have a complete or partial sales-tax exemption on the retail sales of rare coins, paper money, and precious-metals bullion.

The Ohio Precious Metals Association (OPMA), led by executive director Jeff Longstreth, has been engaged in efforts to obtain a sales-tax exemption for rare coins and precious-metals bullion since its founding in 2013.

“Charlie Kepnes started the original effort nine years ago,” said Ohio coin-business owner David Miholer (Executive Coin Company). “I recall back then that Kepnes, Dick Frost, and I were pretty much laughed out of Columbus.”

Representative Ron Maag introduced 2013 HB 26: Sales & Use Tax-Exempt Investment Metal Bullion & Coins on February 5, 2013. Ultimately, the Conference Committee added the measure to the biennial budget bill, which passed the House and the Senate.

Governor Kasich exercised his line-item veto power on June 30, 2013, removing the provision exempting investment-metal coins and bullion from Ohio sales tax. “There is no reason to provide preferential treatment to one class of items and not others that could possibly increase in value, such as art, sports cards, or antiques. Therefore, this veto is in the public interest,” stated the governor’s veto message.

On February 3, 2015, HB 26 was introduced again by Rep. Ron Maag and Rep. Christina Hagan.

The Industry Council for Tangible Assets also joined the OPMA initiative.

read more.....

 

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