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Senate committee rejects bill to exempt coins, bullion and currency from sales tax
Summary
The Senate Revenue & Tax Committee heard testimony that exempting coins, currency and precious metals could spur coin shows, jobs and in‑state dealers, but DFA warned of a roughly $575,000 annual state revenue loss; the motion to pass the bill failed on a voice vote.
Senate Revenue & Tax Committee members voted down a proposal to exempt certain coins, currency and precious metals from Arkansas sales and use taxes after hearing competing fiscal and economic development arguments.
Senator Johnson, sponsor of Senate Bill 389, told the committee the bill is intended to attract dealers and coin shows to Arkansas by exempting items traded as investments — bullion, rare coins and currency — from sales and use taxes. Johnson said similar exemptions in other states have helped create a dealer industry and cited Michigan research and practitioner letters to argue the exemption could produce net revenue gains through increased local spending and…
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