According to an analysis released March 30, Michigan’s economy created so many businesses, jobs and trade show activity that the Michigan Treasury is now collecting more taxes from the 1999 enactment of a sales tax exemption on the sales of rare coins and precious metals bullion.
Patrick A. Heller, owner of Liberty Coin Service and a former CPA, authored the report that calculates that the Michigan Treasury is now collecting $1.7 million more in annual taxes above and beyond covering the taxes lost from the exemption.
“Since the exemption took effect, I have found that there are at least 150 new coin dealerships in the state, more than 600 new jobs and a huge increase in trade show activity,” said Heller. “My own company’s staff has grown from six when the exemption took effect to 24 employees and contractors.”
For a copy of the full analysis, call (800) 933-4720, or email email@example.com.