Subscribe to Monthly Greysheet for the industry's most respected pricing and to read more articles just like this.
ICTA member Dave Miholer (Executive Coin Company, Stow, OH) 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 interstate purchases, due to the requirements of South Dakota vs. Wayfair.
Shortly afterward the budget’s language eliminating the exemption was removed. Lobbyist Neil Clark closely monitored the budget’s bill (HB 166) in case the language was restored before the bill went to the Senate floor for a vote. The Senate passed their version of the bill on June 20, 2019. However, the House refused to concur in the Senate amendments, so the bill went to a Conference Committee, where differences were resolved. It passed both houses on July 17, 2019.
We learned late that night from lobbyist Clark that the budget now included language that eliminated the exemption and that it was on the way to Governor Mike DeWine to be signed. The Ohio dealer community was immediately alerted and asked to call Governor DeWine’s office to urge him to line-item veto this language and protect the exemption. Unfortunately, Governor DeWine opted not to veto the language before signing the bill into law yesterday, July 18, 2019.
On behalf of Miholer, thank you to everyone who made telephone calls, wrote legislators, testified before legislative committees, and financially supported the efforts to stop the repeal of the Ohio sales-tax exemption on the purchases of investment metal bullion and investment coins.
“The state’s current political climate was just not favorable toward existing tax breaks that generally favored businesses,” said Miholer. In other words, the repeal of this exemption and other tax breaks would supposedly underwrite a huge state tax cut.
The sales tax becomes effective October 1, 2019.
“We may be down, but we’re not out,” says Miholer. “We don’t know right now, but we will regroup and start again a campaign to get our exemption back.”
For more information, please contact Miholer by calling (330) 686-1100 or emailing email@example.com.
ICTA is a 501(c)(6) tax-exempt trade association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. To join and/or learn more about ICTA, please visit our website, ictaonline.org.
Leave a comment
Please sign in or register to leave a comment.
Your identity will be restricted to first name/last initial, or a user ID you create.
The Industry Council for Tangible Assets (ICTA) is a 501(c)(6) tax-exempt trade association dedicated to the coins, currency, and precious-metals bullion communities for over 35 years. ICTA exists to promote and safeguard the interests of its members, serving as the industry watchdog to maintain a favorable legislative and regulatory climate in the United States federal government and individual state governments. The association provides a medium through which its members may confer, consult, and cooperate with and educate governmental and other agencies to achieve solutions to problems affecting their businesses. ICTA also offers its members assistance and information on new and existing laws and regulations, and promotes harmony and cooperation among its members to advance the welfare of the communities.related news