By Industry Council for Tangible Assets ….
The Industry Council for Tangible Assets (ICTA) recently received a very generous donation from member Joey Ashley (Miller’s Coin & Currency, with stores in Pooler, Georgia and Cleveland, Tennessee) to help with an initiative to obtain a sales-tax exemption for precious-metals bullion, rare coins, and paper money in Tennessee.
Shortly after receiving Joey’s donation, ICTA State Net® Region 4 volunteer Mike Mouret (Nashville Coin & Currency), who monitors the Tennessee legislature for any bills or regulations that may affect the state’s coin community, contacted ICTA about bills introduced seeking a sales-tax exemption for precious-metals bullion and rare coins. On the same day, member Mike Gambill (Coin Purse, Nashville) also contacted us about the bills. In short, Gambill has been engaged for a few years in unsuccessful efforts to obtain a Tennessee sales-tax exemption for rare coins, paper money, and precious metals.
ICTA immediately started gathering information, learning that Representative Bud Hulsey introduced HB 1627: Taxes, Exemption and Credits on January 13, 2016.
The bill was referred to the House Finance, Ways and Means Committee on January 20, 2016.
ICTA then contacted Tennessee State Numismatic Society (TSNS) president Jim Ford and bourse chairperson Gayle Pike, along with Blue Ridge Numismatic Association president Grant Campbell, and informed them about HB 1627. Each organization pledged its support of ICTA’s initiative to support Rep. Hulsey’s legislation and efforts to pass it.
On February 1, 2016, ICTA’s chief operating officer, David Crenshaw, spoke with Rep. Hulsey about HB 1627, offering ICTA’s assistance. Rep. Hulsey was very appreciative of the contact, and said he would welcome ICTA’s help. The following day a telephone conference call took place with Rep. Hulsey, Robert Currey (chief economist, Tennessee General Assembly Fiscal Review Committee), ICTA treasurer [and CoinWeek contributor] Pat Heller, and Crenshaw to discuss Fiscal Note HB 1627–SB 1610 estimates on state and local revenue reductions. Mr. Currey welcomed any further information that would aid the committee in reevaluating their estimates.
ICTA immediately sent a package of very persuasive arguments for passage of a sales-tax exemption with supporting analyses to Rep. Hulsey, who personally delivered it to Mr. Currey. We now await a possible correction to the bill’s fiscal note and for the scheduling of a Finance, Ways and Means Committee hearing on the bill.
In the meantime, ICTA is preparing a grassroots campaign, rallying its Tenneessee members along with other Tennessee dealers and collectors to call, write, or email their legislators on the House Finance, Ways and Means Committee. ICTA is also planning to send Tennessee coin-business owners a survey to collect data to help convince their legislature to pass HB 1627.
Your financial support will help make these efforts a realization. Click here to make a contribution.
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