Nevada revenue committee hears proposal to let voters exempt coins, bullion and currency from sales tax

Assemblymember Danielle Gallant presented Assembly Bill 3 59 on behalf of a colleague and asked the Assembly Committee on Revenue to consider sending to voters a proposed amendment to the Sales and Use Tax Act of 1955 that would exempt certain coins, currency and bullion from sales and use taxes if approved at the 2026 general election.

The bill’s primary witnesses were Patrick A. Heller, identified as an industry issues adviser for the National Coin and Bullion Association, and Alan Rowe, owner-operator of Northern Nevada Coin. Heller said the exemption “is a cost effective strategy that, can stimulate economic growth as has happened elsewhere, potentially increasing overall tax revenue even though this is a tax exemption.” Rowe told the committee that after Nevada enacted an exemption for bullion in 2011 (effective 2012), his business’s bullion sales grew “about 44 times what it used to be,” and he said his operation expanded from one store and eight employees to three stores and 38 employees.

Witnesses and several public supporters described three main effects they expect from the change: (1) more business retained in Nevada rather than being driven to neighboring states with exemptions, (2) larger coin shows that bring hospitality and tax‑able spending to host communities, and (3) easier access for small-scale investors who cannot use out-of-state depositories. Janine Hansen of the Independent American Party said, “The Independent American party has always supported hard money and precious metals and we're glad to be able to support this today.”

Shelley Hughes, director of the Department of Taxation, told the committee the department “did not put a fiscal note on this bill because currently, we are not taxing the sale of bullion.” Hughes said the department had been preparing to initiate regulations to clarify taxation but that process is on hold while the bill proceeds; she added the department “could not determine” a state fiscal impact for the committee’s fiscal note.

Supporters referenced experience in other states as precedent; witnesses cited Michigan’s 1999 exemption and industry analyses that show increased dealer employment, show attendance and related taxable spending. Opponents did not appear in testimony during the hearing; callers and in-person supporters emphasized economic and consumer-access benefits.

The bill, as presented, would submit the exemption to voters at the Nov. 3, 2026, general election and — if approved — make the change effective Jan. 1, 2027. No formal vote was taken by the committee during the recorded hearing.