Sales-tax exemption for rare coins, precious metals sought in Ohio

A bill that would implement the exemption was reintroduced in Ohio's State House on Feb. 3
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Published : 04/28/15
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The following is a release from the Industry Council for Tangible Assets:

The Ohio Precious Metals Association (OPMA) has been engaged in efforts to obtain a sales-tax exemption for rare coins, paper money, and precious metals since its founding in 2013.

Representative Ron Maag introduced 2013 HB 26: Investment Metal Bullion Coin Tax Exemption on February 5, 2013. The bill was referred to the House Ways and Means Committee. Ultimately, the Conference Committee added the bill to the biennial budget bill, which passed the House and the Senate.

Governor John Kasich exercised his line-item veto power on June 30, 2013, removing the provision exempting investment metal coins and bullion from Ohio sales tax. “There is no reason to provide preferential treatment to one class of items and not others that could possibly increase in value, such as art, sports cards, or antiques. Therefore, this veto is in the public interest,” stated the governor’s veto message.

On February 3, 2015, HB 26: Sales & Use Tax-Exempt Investment Metal Bullion & Coins was introduced again by Representative Ron Maag and Representative Christina Hagan. The bill’s co-sponsors include Rep. Wes Retherford, Rep. Michael Henne, Rep. Andy Thompson, Rep. John Becker, Rep. Bill Hayes, Rep. Kristina Roegner, Rep. Sarah LaTourette, Rep. Jonathan Dever, and Rep. Steven W. Kraus.

The bill was assigned to the House Ways and Means Committee on February 10, 2015.

It received a public hearing from the Committee on April 14, 2015. Ohio coin-business owners David Miholer (Executive Coin Company) and Brad Karoleff (Coins +), lobbyist and OPMA Executive Director Jeff Longstreth, ICTA Treasurer Patrick Heller, and ICTA Executive Director Kathy McFadden testified at this hearing.

Their statements in favor of HB 26 were well received by the Committee membership. We are confident the Committee will give the bill a favorable report and optimistic that the House will vote to pass it, then send it to the Senate.

If your representative is on the Committee, now is the time to contact them.

If you don’t know who your representative is, you can get their name on the Ohio House of Representatives website’s Home page. See “Member Search,” then enter your zip code to find them and obtain their contact information.

Send a message to your representative only if they are on the Committee.

Below is an outline that might be helpful in drafting a message for a letter, email, or a phone call. These are suggestions only and you should tailor the message to your own situation.

Talking points for Ways and Means Committee contacts:

1. Tell them who you are:

  • Identify yourself and your business, using your physical address.
  • Report the length of time you’ve done in business in Ohio.
  • Provide your contact information in case the legislator wishes to reply.

2. Tell them why you are contacting them.

  • Ask them to SUPPORT House Bill 26 (sponsor Representative Ron Maag and Representative Christina Hagan) referred to as Sales & Use Tax-Exempt Investment Metal Bullion & Coins.

Please send ICTA a copy of any message you send and any reply you receive. Our email address is icta@ictaonline.org.

We cannot stress enough the urgency of making these contacts now. Thank you for your time and attention on this very important request.

For more information, please contact Jeff Longstreth at 614-378-1107.

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