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HomeBullion & Precious MetalsBill Eliminating PA Coin, Bullion Sales Tax Exemption Defeated

Bill Eliminating PA Coin, Bullion Sales Tax Exemption Defeated

pennsylvaniacapitol

By Hubert Walker for CoinWeek ….
On Monday, November 23, the Pennsylvania State Senate narrowly voted down an amendment to House Bill 683 that would have eliminated the statewide sales tax exemption on coins and bullion products. Amendment 4499, sponsored by Senate Policy Committee Chairman David G. Argall (R-29, Schuykill), was defeated by a vote of 25-24 with one abstaining. Senate President Pro Tempore Joseph Scarnati (R-25, Brockway) voted nay.

This means that Pennsylvania will continue to exempt coins and precious metals from state sales and use taxes. Medals, tokens and paper currency are, however, subject to taxation. The bill would have also raised the state sales tax to 7%; as it stands, the current rate is 6%.

The vote was the subject of an alert sent out last week by the Industry Council for Tangible Assets (ICTA) and shared on social media by the Pennsylvania Association of Numismatists (PAN). Both groups encouraged collectors and dealers who live or do business in the state to contact their local senators and voice opposition to the bill.

Sources

http://www.legis.state.pa.us/cfdocs/legis/RC/Public/rc_view_action2.cfm?sess_yr=2015&sess_ind=0&rc_body=S&rc_nbr=338

http://www.legis.state.pa.us/cfdocs/billinfo/split.cfm?syear=2015&sind=0&body=H&type=B&bn=0683&pn=1427&ayear=2015&an=04499

http://www.legis.state.pa.us/cfdocs/legis/HA/public/HaCheck.cfm?txtType=HTM&syear=2015&sind=0&body=H&type=B&bn=0683&pn=1427&ayear=2015&an=04499&aType=DAY

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