By Industry Council for Tangible Assets (ICTA)….
Whitman Coin & Collectibles Expo lobbyist Dennis Rasmussen, Maryland numismatic businesses and collectors, and the Industry Council for Tangible Assets (ICTA) collaborated to defeat legislation to repeal the sales-tax exemption for rare coins, paper money, and precious metals.
Maryland General Assembly House Bill 903 (HB903), “Sales and Use Tax – Exemption for Precious Metal Bullion and Coins – Repeal”, was introduced on February 13, 2015, by Delegate Mary Washington. Inside 24 hours, ICTA was alerted by its StateNet® states’ legislative monitoring service that the bill had been introduced. Whitman Expo General Manager Lori Kraft also reached out to ICTA upon being alerted by a Maryland lobbyist/coin collector. Immediately, Whitman Expo lobbyist Dennis Rasmussen and ICTA staff joined forces to implement a strategy to defeat the bill.
On February 18, 2015, the bill was assigned to the Maryland House Ways and Means Committee; it received a public hearing from the Committee on March 13, 2015. Rasmussen and ICTA Executive Director Kathy McFadden testified at this hearing. Visit Baltimore also presented written testimony to the Committee.
Additionally, with ICTA’s assistance, the state’s numismatic businesses and collectors launched a telephone and letter-writing campaign targeting House delegates on the Ways and Means Committee prior to the hearing.
The letters, the telephone calls, and the hearing’s testimonies in opposition to HB 903 were well-received and understood by many of the Committee membership. Although Rasmussen was confident that the Committee would eventually place HB 903 “on hold” or reject it with an unfavorable report, HB 903 and the Committee’s action on this legislation was closely monitored until the session adjourned on Monday, April 13, 2015.
The Maryland General Assembly adjourned with no further action being taken on “HB 903.Sales and Use Tax – Exemption for Precious Metal Bullion and Coins – Repeal“. After two previous unsuccessful attempts to repeal the sales-tax exemption, the hope is that such legislation will not be reintroduced–if not ever, then at least not again for some time.
If your state does not have an exemption, why not join the ranks of the states that have one? Take the first step now by contacting ICTA to learn more. Call (410) 626-7005, email [email protected], or visit ictaonline.org.