Good news this morning for those of you in Kansas. The state’s governor, Laura Kelly, has signed into law a tax exemption status on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion. In doing so, Kansas becomes the 39th state with such a clause.
The campaign to make this change in Kansas law has been a multi-year process with several coin dealers in Kansas, as well as the The Industry Council for Tangible Assets (ICTA). For those who are not familiar with the ICTA, they are a watchdog group that was formed in 1981 to help drive legislation on tangible assets, such as bullion.
ICTA works to prevent laws and regulations that would interfere with your ability to do business, are excessively burdensome, or both. ICTA also actively proposes laws and regulations that would benefit both the hobby and the industry. Equally important, ICTA educates dealers on compliance with existing laws and regulations. Much of our effort is directed toward issues of taxation and other IRS requirements.ICTA Site
The new law in Kansas, which goes into effect on July 1, 2019, means that dealers in the state will no longer have to collect sales tax on gold and silver coins as well as bullion of any type – gold, silver, platinum, and palladium. It lowers the burden on them but also as a buyer in the state as you won’t have to come up with additional funds to make a bullion purchase.