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Committee hears industry testimony on bill to exempt coins, bullion and currency from sales tax
Summary
Senate Bill 336, introduced by Sen. Mark Johnson, would exempt certain coins, bullion and currency sold for their intrinsic or collectible value from Arkansas sales tax. Industry witnesses argued the exemption would boost shows, dealers and tourism; DFA projected a state sales-tax loss of about $766,000 in the first fiscal year and roughly $1.15 million under an annualized scenario.
Senate Bill 336 was presented by Senator Mark Johnson (District 15). Johnson said the bill would treat gold, silver, bullion and certain coins and currency as investment commodities rather than taxable tangible personal property, aligning Arkansas with many other states.
"It's a very simple bill in that it treats gold, silver, bullion, and and and currency as a commodity that it is and not a, tangible personal property that should be subject to sales tax," Johnson said during his introduction. He brought physical examples of bullion to the committee for a show‑and‑tell.
Patrick Heller, a Lansing, Michigan coin dealer and CPA by training, testified…
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