The Industry Council for Tangible Assets (ICTA) has issued a press release outline the elimination of tax exemption of bullion purchases in Ohio. The new rule is part of the state’s 2020-2021 budget and goes into effect October 1, 2019. From that point forward, If you buy bullion or investment coins within Ohio, you will have to pay sales tax on that purchase. Further, the new budget requires that deals collect sales tax on intrastate purchases.
ICTA member Dave Miholer (Executive Coin Company, Stow, OH) brought to our attention in May that the Ohio 2020–2021 budget eliminated the sales-tax exemption on the purchases of investment metal bullion and investment coins. The budget plan also directs the state to begin collecting sales taxes on interstate purchases, due to the requirements of South Dakota vs. Wayfair.
ICTA Press Release
The news comes a few weeks after Kansas approved a tax exemption law for bullion and investment coin purchases. ICTA indicates that the removal of tax exemption from these types of purchases are aimed, in some part, at helping cover tax cuts that are within the same state budget.
Assuming that the new budget is passed in Ohio, the new law would go into effect October 1st of this year and would impact both bullion purchases as well as investment coin purchases.
ICTA is a 501(c)(6) tax-exempt trade association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. To join and/or learn more about ICTA, please visit their website.