The existing sales-tax exemption on purchases of currency and bullion in Nebraska remains intact, despite legislative efforts during a special session that put this critical financial protection in jeopardy.

On July 25, at the request of Governor Jim Pillen, state senator Lou Ann Linehan introduced Legislative Bill 1, which sought to adopt the Property Tax Growth Limitation Act, the School District Property Tax Relief Act, and the Advertising Services Tax Act, along with other changes to revenue and taxation provisions. The bill posed a threat to the long-standing tax exemption for currency and bullion in Nebraska.

NCBA was first alerted to this potential threat by NCBA member Pat Moran of Lincoln Coin & Bullion. Moran’s vigilance enabled the NCBA to swiftly mobilize. NCBA industry issues advisor Pat Heller and executive director, David Crenshaw, began discussions on the next steps to oppose any repeal of the exemption. Crenshaw and Deb Olson, retired former owner of Lincoln Coin & Bullion who played a pivotal role in securing the original exemption, submitted written testimony to the Senate Revenue Committee public hearing opposing the proposed repeal. Additionally, Moran and Dave Peter of Coinhuskers testified in person, further emphasizing the importance of maintaining this exemption.

After weeks of intense lobbying, the special session adjourned sine die on Aug. 20, 2024. Despite the flurry of other bills passed and signed into law, the exemption for currency and bullion was left untouched. Thanks to the collective effort and dedication of everyone involved in supporting these crucial financial protections, Nebraska remains a safe haven for currency and bullion.

This Nebraska legislature’s special session is a prime example of why continuous monitoring of state legislatures is critical — for NCBA dealer-members and also for members of our Concerned Collectors Coalition. Whenever an existing exemption is threatened, dealer and coalition members can be quickly rallied to support our efforts.

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