HOUSE BILL 434: Coins/Currency/Bullion Sales Tax Exemption PASSED Tuesday May 23, 2017
CoinZip
Posts: 3,253 ✭✭✭
Just received confirmation from Michael Muller ...
Today, Tuesday May 23, 2017, the North Carolina House of Representatives unanimously passed House Bill 434. The legislation would exempt retail sales of investment coins, investment metal bullion, and non-coin currency from sales and use tax.
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4.75% off for nc collectors.
Whoopie... Next time, please put the state in the title...
ANA 50 year/Life Member (now "Emeritus")
Now if Kansas would just do the same thing.
I need to send a copy of that bill to our legislators here in Arkansas.
Maybe someday we will have all 50 states on board.
I have often thought, if the majority of citizens actually computed the total of ALL taxes they pay, (i.e. town, county, state, federal) on all the various goods and services, there would be a voter revolution. Cheers, RickO
Now hop on in to acoinshop.com and get yer self a coin. (Shameless spam)
It used to be 7% on coins/currency/bullion in Nebraska. April 2, 2014 we repealed the tax on those items with LB 867 as I recall. . It created a different bookkeeping issue (for dealers) because flips, holders, books and other items are still taxed; as well they should be. But what a relief for collectors and stackers already paying a hefty premium.
This is one of the many ways ICTA helps the industry, including consumers. I would urge all of you to go to ICTAONLINE.ORG and see all the things they are working on. If you feel you have benefitted from all of their work or would like to support the cause, I would urge you to join as a Consumer Patron which starts at only $25 per year. Our hosts are large financial supporters of ICTA and are making substantial contributions of time and resources to the ICTA, Anti-Counterfeiting Task Force.
Just another example of the rich shifting their tax burdens to the lower class. Why not remove the sales tax of clothing and over the counter drugs help out the little guy.
I must respectfully disagree with you. Sales tax exemptions on coins actually cost states significantly less than you think. The main reason is that the tax keeps shows out and encourages people to do business across state lines where there is no tax. By eliminating the tax, it encourages shows to come to the state which always has a positive economic impact. Also, it allows smaller local shops to compete with national dealers as far as pricing keeping the money in the local economy. Businesses then pay state taxes on their profits, employ people locally and the cycle goes on.
Another factor is that not all collectors are wealthy. We have people who come into our store in Chicago (where there is no sales tax on coins) and spend less than $10 per month. If they had to pay our 10% sales tax, that is a lot of money to them. In the grand scheme of things, a sales tax on coins has been proven pretty close to revenue neutral in the long run.
Well, it could be that taxes are so stifling on so many things that there has to be some reprieve to keep it (our economy) from further erosion. And the poor have a social system that supports them, too.
I'm not in disagreement with your point, though.