Thanks to the Industry Council for Tangible Assets and the Louisiana Professional Coin Dealers Association, a sales tax exemption returns to the state.
As of Oct. 1, 2017, precious-metals bullion sales will not be subject to the state sales tax as well as many numismatic transactions.
A previous exemption had been revoked as of April 1, 2016, during a state budget crisis.
According to ICTA, the sales tax had been raised from 4 percent to 5 percent and all exemptions revoked April 1-June 30, 2016.
At that point the state sales tax was reduced from 5 percent to 3 percent for the period July 1, 2016, to June 30, 2018.
The latest victory eliminates that tax.
The win was not easy to achieve in the legislature, according to Rep. Stephen Dwight, lead author of the repeal bill.
“The collaborative efforts of coauthors Rep. Mark Abraham, Rep. Larry Bagley, Sen. Jean-Paul Morrell, and Sen. Gary Smith convinced them,” he said.
Coin collectors and investors do not like paying sales tax on their purchases. They take their business to tax friendly states. Louisiana has now returned to that fold.
“We’re also grateful to the legislature for exempting all coin shows in our state and for exempting numismatic coins valued under $1,000 sold in our stores,” said Louisiana Professional Coin Dealers president Louis Pizzolatto.
In the language of the new law, specifically exempted were platinum, gold or silver bullion that is valued solely upon its precious metal content, whether in coin or ingot form; numismatic coins that have a sales price of no more than $1,000 and numismatic coins sold at a national, statewide or multi-parish numismatic trade show.
This article was originally printed in Numismatic News. >> Subscribe today.
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