Significant Developments in the Campaign for Assembly Bill A5294 in New Jersey

Atlanta, Georgia — The National Coin & Bullion Association (NCBA) provides the latest updates on the ongoing campaign for New Jersey’s Assembly Bill A5294, a pivotal piece of legislation seeking to exempt sales of investment metal bullion and investment coins from sales and use taxes. The NCBA has been actively advocating for this bill. 

During the course of the campaign, Assembly Bill 5294 has undergone critical amendments to address concerns raised by the state Treasury. As of January 8, 2024, both chambers of the New Jersey legislature had granted final approval to the bill, marking a significant milestone in the legislative process. The bill was then sent to Governor Phil Murphy for final approval.

Regrettably, today brings the disappointing news that Governor Murphy has chosen to exercise a pocket veto on the bill. The governor’s decision to take no action means that Assembly Bill A5294 will not take effect.

The primary concern raised by the governor’s office is the projected cost outlined in an estimated fiscal note from the Office of Legislative Services (OLS). This note suggested a potential decrease in state revenue ranging between $4 and $7 million. Despite concerted efforts to challenge this assessment, the condensed timeframe of the legislative session influenced the governor’s decision not to take action.

NCBA still sees an opportunity to revisit the bill within the context of the state’s budget, which is required to be signed by June 30. NCBA’s industry issues advisor, Patrick Heller, will travel to Trenton to engage directly with the governor’s budget staff and address the perceived inaccuracies in the fiscal note, utilizing analyses NCBA previously provided. Engaging in budgetary discussions could offer the exemption its best chance for success.

NCBA would like to emphasize the importance of continued support and contributions toward lobbyist fees and campaign expenses. Supporters are urged to make checks payable to Richard Cohen and mail them to National Watch & Coin, 106 South 7th Street, Philadelphia, PA 19106. Please indicate “New Jersey Campaign” on the check. For more information, contact Cohen at (215) 418-2700 or via email at rlondon@guesswho.com.

Stay informed on this bill and legislation across the country by joining NCBA. Learn more about the association or join at https://www.ncbassoc.org/membership.

NCBA remains steadfast in its dedication to advocating for the interests of its members. The association is grateful to all its members for contributing to the National Coin & Bullion Association. Stay tuned for further updates.