By Industry Council for Tangible Assets ……
On Thursday, May 16, 2019, Kansas governor Laura Kelly (D) signed into law House Bill 2140, which provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion.
“The outcome is not everything we started with in the original bill, but certainly better than where we were,” said Dean Schmidt (Dean Schmidt Rare Coins).
The late Diane Piret, ICTA’s director of legislative affairs, would agree. She always said, “It’s better to get a partial loaf than none. We can always come back for more.”
The dealer and collector communities, in conjunction with ICTA, put a tremendous amount of hard work into the grassroots campaign. Dean Schmidt championed the cause for the last three years, raising capital for the lobbyist and reimbursing ICTA’s expenses, getting the word out to the dealers and collectors, speaking all over the state at shows, sending out emails, attending meetings at the State House, and testifying in both the House and Senate.
Many other dealers also attended and testified at House and Senate committee hearings, as well as financially contributing to the efforts: Jeremy Brakenhoff and Josh McCleary (Mass Metals/Ownx); Robin Tummons (The House of Stuart); Robert Dunlap (Equity Standard Numismatics of Kansas); and Rick Raines, representing the Johnson County Numismatic Society—a major financial contributor to the campaign.
Several ICTA members and club members of JCNS attended committee hearings. We would be remiss if we didn’t mention past ICTA executive director Kathy McFadden’s helpful testimony in committee hearings last year, and the tremendous help of Pat Heller (Liberty Coin Service), ICTA’s traveling sales-tax exemption guru. Big thanks also go to Travis Lowe and Scott Heidner (Gaches, Braden & Associates), the lobbying firm that worked tirelessly on this legislation.
“Kansas now joins the 38 other states with a sales-tax exemption,” said Chief Operating Officer David Crenshaw. “We thank Dean Schmidt for his continued perseverance and the tremendous support of everyone who helped make this exemption a reality.”
The bill was enrolled on Friday, May 10, and presented to Governor Kelly for her signature. The new law’s effective date is July 1, 2019.
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ICTA is a 501(c)(6) tax-exempt trade association that represents the coin, currency, and precious metals industries. ICTA is supported solely by dues and donations. To join and/or learn more about ICTA, please visit our website at ictaonline.org.