Ohio Governor Mike DeWine signed a bill July 1 that included a provision for sales taxes exemption on investments metal bullion or investment coins. This exemption was eliminated from a previous budget. Ohio joins 39 states that offer a sales tax exemption.
Two bills were proposed that could have the potential to reinstate the exemption. The Ohio Senate Finance Committee and Ohio House Ways and Means Committee considered House Bill 268 in May. The Ways and Means Committee passed the measure, but no further action was taken.
After the Senate demanded a conference of conference and insisted on amending House Bill 110, the state budget was passed. One of the amendments was to amend Ohio Revised Code Section 5739.02: Sales tax, purpose, exemptions.
This amendment provided an exemption from the sale of investment metal bullion or investment coins. “Investment metals bulletin” refers to any bullion listed in section 408(m)(3)(B), regardless of whether it is physically in the possession of a trustee. Any coin containing primarily gold, silver or platinum is an investment coin.
The exemption does not apply to collectible coins made from other materials, such as copper or nickel, and paper money.
David Crenshaw, executive director of National Coin and Bullion Association, stated that “The dealer and collector community, along with the NCBA put a tremendous amount into the grassroots campaign.”
This exemption will take effect on October 1, 2021.
