Summer comes to an end, and with it the legislative season for most of the country. In the words of our Chairman Barry Stuppler, the Gold & Silver PAC is “keeping our powder dry” while we wait for mid-term election results. In the meantime, the ACTF’s (Anti-Counterfeiting Task Force) fight against counterfeiting is heating up, and your help is needed but the primary focus of ICTA and your PAC is the Supreme Court’s decision in South Dakota vs Wayfair. This decision is highly likely to take away all 37 State sales tax exemptions, destroying 20 years of ICTA and dealer associations work and making you collect and pay sales tax for all 50 states when we sell rare coins and precious metals.
South Dakota vs Wayfair
What you don’t know about the South Dakota vs Wayfair decision can HURT you! In the wake of the Supreme Court’s decision in South Dakota vs Wayfair, which overruled decades of precedents in holding that “the physical presence rule” prohibited states from collecting sales tax on remote sales, some states are rushing to pass, or have already passed, their own versions of a law to allow them to collect taxes on out of state sellers.
This is not just internet sales, but ALL sales across state lines.
Many of these laws are likely to be subjected to lawsuits based on their constitutionality, and it is unclear if courts will uphold them. These cases could take years to wind their way through the courts, and by then, significant damage could be done to the industry. While it is true that many states have some form of exemption for coins and bullion, these laws vary in their scope and covered subjects, and compliance with new state laws may prove extremely costly. Seven states have already sent out sales tax collection alerts, effective August 1st, 2018. As a matter of fact, at last month’s ANA convention, Heritage collected sales tax from residents of those states.
The Industry Council for Tangible Assets has been leading the way with an “all hands-on deck” approach to this ruling, and some of you may have been able to grab a copy of their update on this issue at the World’s Fair of Money in Philadelphia. This is a pivotal moment for our industry, and ICTA needs your help to protect YOUR interests. If you are not already a member of ICTA, JOIN. Only members will receive valuable information on state/federal legislation and counterfeits. Visit www.ICTAONLINE.ORG
ICTA NEEDS TO RAISE $250,000 Before the end of 2018 – Please Donate NOW
Anti-Counterfeiting Fight is Knocking Off the Competition!
You may have heard that the Anti-Counterfeiting Task Force recently secured its first conviction of a major counterfeiter. The New Jersey case involved a man impersonating an ATF agent while selling fake gold bars and Morgan dollars. The man was in possession of a number of counterfeit items which would have totaled almost $50 million dollars if they had been real. This case is only one of several that the ACTF has been heavily involved in, and represents only one facet of its multi-pronged approach.
The education of law enforcement, both at the border and closer to home, is paramount to the fight against counterfeiters. For that very purpose, the Anti-Counterfeiting Educational Foundation has been created as a 501(c)(3) charity, which means that your donations are tax deductible.
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