On Tuesday, July 25, 2017, North Carolina governor Roy Cooper signed into law House Bill 434: Coins/Currency/Bullion Sales Tax Exemption. The law is a complete sales-and-use tax exemption on coins, currency, and precious-metals bullion sales.
“The bill’s author, Representative Dana Bumgardner, coauthors Representative Jeff Collins, Representative Mark Brody, and Representative Mike Clampitt, along with its Senate sponsor, Senator Bill Rabon, championed the bill through the legislature,” said Mitch Hyatt (Hyatt Coin Shop, Charlotte, North Carolina). “North Carolina coin businesses and collectors owe them a debt of gratitude.”
In the fall of 2016, Hyatt started collaborating with the Industry Council for Tangible Assets (ICTA) on a campaign to obtain a state coin, currency, and precious-metals bullion sales-tax exemption. Hyatt hired Chris Emanuel (C.G. Emanuel Group, Charlotte, North Carolina) as the campaign’s lobbyist. Hyatt, Emanuel, ICTA treasurer Pat Heller, and ICTA chief operating officer David Crenshaw met with the state’s secretary to lay the exemption’s groundwork. Afterwards, Emanuel secured Representative Bumgardner to sponsor our legislation.
“We promoted the sales-tax exemption as a legitimate jobs and economic-development issue with the legislators,” said lobbyist Chris Emanuel. “We were pleased most of them supported our legislation, recognizing the benefits to the state’s revenue, to in-state businesses, and to in-state investors and collectors from eliminating the sales tax. We are also very appreciative that Governor Cooper signed the bill.
“North Carolina now joins the 35 other states with a sales-tax exemption,” said Crenshaw. “We thank Mitch Hyatt, lobbyist Chris Emanuel, Representative Bumgardner, Senator Rabon, ICTA North Carolina members, and everyone who helped make this exemption a reality.”
The bill was enrolled on Tuesday, June 27, and ratified and presented to Governor Cooper on Wednesday, June 28, for his signature. The bill was signed after its July 1 effective date, so the new law is now in effect.
“The ICTA partnership, along with lobbyist Chris Emanuel, was invaluable to the success of our efforts,” said Hyatt.
North Carolina is now eligible to host a national coin show such as the American Numismatic Association (ANA) National Money Show or the ANA World’s Fair of Money.
“Several years ago, Charlotte hosted national coin shows,” said Hyatt. “We look forward to a major show returning soon.”
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The Industry Council for Tangible Assets (ICTA) is a 501(c)(6) non-profit 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 the organization, please visit our website — ictaonline.org.