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Tax exemption starts

DaveHeineman

Dave Heineman

A sales tax exemption on the sales of rare coins and precious metals became law April 2 in Nebraska when Gov. Dave Heineman signed LB 867.

The Industry Council for Tangible Assets reported that Nebraska is the 31st state to grant some form of sales tax exemption.

Leading the successful effort to gain the exemption was Deb Evans-Olson of Lincoln Coin & Bullion, Inc.

Evans-Olson said, “Credit also goes to Sen. Paul Schumacher and lobbyist Jim Otto, who is president of the Nebraska Retail Federation.

The key role of ICTA was highlighted when Evans-Olson also gave credit to ICTA industry affairs director Diane Piret.

“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!” Evans-Olson said.

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The specific language of the new law was cited by ICTA:

“Sec. 14. (1) 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.”

Evans-Olson can be contacted at (402) 327-2853 for more information.

 

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• Kick-start your coin collection with the Fundamentals of Coin Collecting set of essential resources and tools.

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