Badger State Enacts Sales-Tax Exemption on Precious-Metal Bullion
Thursday, March 21, 2024
Section: States

NCBA Wisconsin dealer-members Andy Kimmel and Michelle Voecks-Griesbach, alongside NCBA Concerned Collectors Coalition member Clifford Mishler and industry issues advisor Patrick Heller, stand united with Senator Rachael Cabral-Guevara (right) in support of the historic legislation for a sales-tax exemption on precious-metal bullion.

In a historic move, the Wisconsin Legislature has passed a sales- and use-tax exemption on the sales of precious-metal bullion, marking a significant milestone in the state's economic policy. Governor Tony Evers signed the legislation, Assembly Bill 29 Relating to: a sales and use tax exemption for precious metal bullion, on March 21, 2024. The law is set to take effect on March 22, 2024.

This landmark decision makes Wisconsin the 43rd state to enact either a full or partial sales-tax exemption on the sales of coins, paper money, and precious-metal bullion. Wisconsin’s exemption encompasses coins, bars, rounds, or sheets containing at least 35 percent gold, silver, copper, platinum, or palladium marked with weight, purity, and content, or minted by a government authority.

Wisconsin Statute Section 77.54(71) provides the legal foundation for this exemption, defining “precious metal bullion” and outlining its scope. According to the statute, precious metal bullion includes coins, bars, rounds, or sheets meeting specific criteria of metal content and marking. Additionally, NCBA's interpretation of the statute clarifies that collector coins are included in the exemption. The statute's language, particularly the provision regarding government minting, supports this interpretation, providing clarity for coin and precious-metals bullion businesses.

The passage of this legislation was the result of dedicated efforts from various legislators and stakeholders, including Representative Shae A. Sortwell and the other 15 representatives who introduced AB 29, along with its cosponsors, Senator Duey Stroebel and six other senators. A heartfelt thank you also goes to NCBA Wisconsin dealer-members Andy Kimmel (Paragon Numismatics) and Michelle Voecks-Griesbach (Fox Valley Coin & Diamonds Etc.), along with NCBA Concerned Collectors Coalition member Clifford Mishler and industry issues advisor Patrick Heller. These individuals stood united in support of companion bill SB 33 during the Senate Committee on Universities and Revenue public hearing.

“Pat Heller's leadership and dedication to this cause are truly commendable,” NCBA executive director David Crenshaw expressed, “and Andy, Michelle, and Clifford's commitment to testify at the hearing was invaluable. Together, their collective expertise and advocacy played a crucial role in the success of the campaign for a sales- and use-tax exemption for precious-metal bullion.”

Commenting on the success of the campaign, Crenshaw added, “We are thrilled to see Wisconsin join the ranks of states recognizing the importance of supporting the precious-metals industry through tax exemptions. This victory is a testament to the collaborative efforts of our members and partners, and it marks a significant step forward for our community.”