Nebraska Passes Sales Tax Exemption for Coins and Bullion

ICTA Member Deb Evans-Olson Leads Effort

Nebraska is the 31st state to pass a sales tax exemption on rare coins and precious metals product. Governor Heineman signed LB 867  on April 2, which immediately became law upon his signing.

The portion of the bill relevant to our industry is Section 14:

• Sales and use taxes shall not be imposed on the gross receipts from the sale, lease, or rental of and the storage, use, or other consumption in this state of currency or bullion.

(2) For purposes of this section:

• (a) Bullion means bars, ingots, or commemorative medallions of gold, silver, platinum, or palladium, or a combination of these, for which the value of the metal depends on its content and not the form; and

• (b) Currency means a coin or currency made of gold, silver, or other metal or paper which is or has been used as legal tender.

Deb Evans-Olson of Lincoln Coin & Bullion, Inc. spearheaded the effort on behalf of the rare coin and precious metals industry. Evans-Olson said, “Credit also goes to Senator Paul Schumacher and lobbyist Jim Otto who is president of the Nebraska Retail Federation.

Evans-Olson also gave credit to Diane Piret the industry affairs director of ICTA. “Diane was very helpful. She was patient and her experience is amazing. I could not have advanced the cause without Diane’s coaching. It all started there!” said Evans-Olson.

Piret was also an invaluable resource to ICTA members Mike Fuljenz and Paul Hollis in expanding the sales tax exemption respectively in Texas and Louisiana.

For more information on the Nebraska sales tax exemption, please call Deb Evans-Olson at (402) 327-2853.

Industry Council for Tangible Assets
PO Box 3253
Annapolis, MD 21403   USA

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Nebraska Passes Precious Metals Sales Tax Legislation. VIDEO: 1:25

Kathy McFadden, Executive Director, Industry Council for Tangible Assets
Interviewer: David Lisot, CoinWeek.com………..

Important new legislation has passed the Nebraska state assembly that affects the sale of coins and precious metals. ICTA Director Kathy McFadden talks about this significant development.

httpvh://youtu.be/YBgNusl4M9o

Copyright © CoinWeek LLC. March, 2014

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