Nebraska is the 31st state to pass a sales tax exemption on rare coins and precious metals product. Governor Heineman signed LB 867 on April 2, which immediately became law.
The portion of the bill relevant to our industry is Section 14:
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.
Deb Evans-Olson of Lincoln Coin & Bullion, Inc. spearheaded the effort on behalf of the rare coin and precious metals industry. Evans-Olson said, “Credit also goes to Senator Paul Schumacher and lobbyist Jim Otto who is president of the Nebraska Retail Federation.
Evans-Olson also gave credit to Diane Piret the industry affairs director of ICTA. “Diane was SO helpful. She was patient and her experience is amazing. I could not have advanced the cause without Diane's coaching. It all started there!” said Evans-Olson.
Piret was also an invaluable resource to ICTA members Mike Fuljenz and Paul Hollis in expanding the sales tax exemption respectively in Texas and Louisiana.
For more information on the Nebraska sales tax exemption, please call Deb Evans-Olson at (402) 327-2853.