Coin and Bullion Dealers: Protect Your Business From State Greed

In light of the Supreme Court’s South Dakota v. Wayfair decision, what would it mean for your business to be free of the burden of collecting sales tax on the coins, currency, and precious-metals bullion you sell?

Even if your business is not located in one of the states below, if any of your customers–be they wholesale or retail–are located in any of these states, you may be required to collect and file state taxes on their behalf.

The National Coin & Bullion Association (NCBA), in conjunction with coalitions of coin and bullion dealers from each state, is seeking to protect coin- and bullion-based businesses from government overreach by supporting sales-tax exemptions in every state across the country. Our current battles are at critical junctures, and we need your help!

The average cost for a campaign lobbyist in each state is $30,000. Expenses for expert witnesses and NCBA staff typically amount to another $5,000.

Your contribution of $300, $500, or even $1,000 is essential to our success. Many have already given time and money—and even pledged additional amounts for these campaigns—and we are so grateful to them. But these laws affect more than just the business owners living in the states below. If you do business with anyone in these states, we want and need your help.

We know how to approach these campaigns. We have marshaled our arguments, and we have the expertise to frame them properly to legislators. We have already obtained backing from legislators who will sponsor bills. However, we must have the financial resources necessary to make it happen.

The benefits to you and your business will be significant. Do not put this off. This will be the most important investment in your business you will make this year. You will be proud to say, “I helped!” instead of “I wish I had.”

Alabama: Seeking to remove the sunset provision that expires on June 1, 2023. For more information or to contribute toward lobbyist fees and other campaign expenses, please contact Phil Darby at (256) 335-2352 or via email at [email protected].

Kentucky: Seeking to create a new exemption. To contribute toward lobbyist fees and other campaign expenses, please make your check payable to Bluegrass Coin Club and mail the check to C/O Mid-American Rare Coin Galleries, 1707 Nicholasville Road, Lexington, KY 40503. Write on the check “Kentucky Campaign”. For more information, please contact Jeff Garrett (Mid-American Coin Galleries, Lexington) at (859) 276-1551 or via email at [email protected]; Johnathan Kern (Johnathan Kern Coins, Lexington) at (859) 269-1614 or email [email protected]; or Byrd Saylor (Louisville Numismatic Exchange, Louisville) at (502) 584-9879 or email [email protected].

New Jersey: Seeking to create a new exemption. To kick off fundraising for the lobbyist fees and other campaign expenses, member Richard Cohen (National Watch & Coin) will match other contributions dollar-for-dollar, up to $10,000. To contribute, please make your check payable to NCBA, P.O. Box 237, Dacula, GA 30019. Write on the check “New Jersey Campaign”. For more information, please contact NCBA at (678) 430-3252 or via email at [email protected].

Tennessee: Seeking to create a new exemption. To contribute toward lobbyist fees and other campaign expenses, please make your check payable to Tennessee Precious Metals, Coin & Currency Coalition, P.O. Box 2869, Brentwood, TN 37024. For more information, please contact Col. Steven Ellsworth (Butternut, Brentwood) at (703) 932-6331 or via email at [email protected]; David Hall (Hallmark Rare Coins, Kodak) at (865) 643-8435 or email [email protected]; or Bruce Paulhamus (Southern Precious Metals Exchange, Chattanooga) at (423) 825-4653 or email [email protected].

Virginia: Seeking to remove the sunset provision that expires on July 1, 2022. To kick off fundraising for the initiative, John Brush (David Lawrence Rare Coins) will match other contributions dollar-for-dollar, up to $10,000. To contribute toward lobbyist fees and other campaign expenses, please make your check payable to DLRC, P.O. Box 9174, Virginia Beach, VA 23450. Write on the check “Virginia Campaign”. For more information, please contact John Brush at (757) 491-1060 or via email at [email protected].

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About NCBA

The National Coin & Bullion Association (NCBA), the new trade name for 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 38 years. NCBA 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. For more information, visit nationalcoinbullionassoc.org or email [email protected].
 

3 COMMENTS

    • Um, it obviously is an informing article with information on who to contact to help with an issue concerning every coin dealer AND collector. Unless you enjoy paying tax on money, which opens doors for states to tax you on pulling out cash or getting a roll of coins.

  1. David: This was a press release from NCBA, which is a Trade Association. They are identified and The ABOUT NCBA clearly states who they are, at the end of the post. Hope that helps!

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