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Press Release on House Bill #1765
For the first time since 1991, sales tax exemption for coins and precious metals will be considerd by the Indiana General Asseembly. House Bill 1765, sponsored by Rep. Randy Borror, seeks the exemption of all coins and precious metals from Indiana state sales and use tax. The prupose of the legislation is to treat physical purchases of coins and precious metals the same as those purchased for an IRA, Self-directed Pension Fund or commodity trade, which are not taxed. A spokesperson for The Indiana Coin and Precious Metal Dealer Association said that passage of this legislation would benefit more than the consumers. By eliminating the 6 % front-loaded expense that sales tax represents, businesses would be competitive with out-of-state and Internet sellers. The increased sales would provide jobs for business and income for the state in other tax revenue. Additionally, comsumers need not face the risk of fraud or scams from buying from out-of-state dealers or Internet sellers. If passed, Indiana would join 27 other states that have no sales tax on coins and precious metals including two bordering states, Illinois and Michigan. The ICPMDA, however, conceeds that a lot of work has yet to be done before HB 1765 is passed. The organization emphasized that without letters, email and phone calls to local representatives; the legislation would have a tough time. In order to keep its membership and interested persons informed, the ICPMDA has a web site at www.dropthetax.com. The site will not only post up to the minute news concerning the legislative process but it will also provide help identifying your legislators and give you guidelines to use when writing, calling and emailing them. The site will have a secure site for becoming a member of ICPMDA or making contributions. Any request for additional information may be directed to Gerald R Scherer, Jr at SilverTowne LP, 800-788-7481, ext 217. You may email Gerald at gerald.scherer@silvertowne.com.
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