S.B.437. Enacting a sales tax exemption for sales of currency, certain coins or bullion.

Kansas Senate
Last action 3 months ago
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Committee on Assessment and Taxation

Summary

                    SB 437, as amended, would provide a sales tax exemption for all sales of gold and silver coins and palladium, platinum, gold, and silver bullion.

Background: The bill was introduced by the Senate Committee on Assessment and Taxation. In the Senate Committee hearing, testimony in support of the bill was provided by representatives of the Industry Council for Tangible Assets, Atchison Rare Coin Company, Dean Schmidt Rare Coins, and OWNx. Written-only testimony in support of the bill was provided by the Equity Standard Numismatics of Kansas, House of Stuart, Kansas Chamber of Commerce, Liberty Coin Service, and Raines Rare Coins. No other testimony was provided.
                
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                    On March 14, the Senate Committee amended the bill to limit the exemption by excluding sales of numismatic coins and currency.

According to the fiscal note prepared by the Division of the Budget on the bill, as introduced, the Department of Revenue estimates enactment of the bill would decrease state revenues by $7,840 in FY 2019, of which $6,574 would be a reduction of State General Fund receipts. Any fiscal effect associated with enactment of the bill is not reflected in The FY 2019 Governor’s Budget Report.
                

In an effort to be an unbiased source of information, all text in this summary comes directly from government resources.

Actions

  • Committee Report recommending bill be passed as amended by Committee on Assessment and Taxation

    Wed, Mar 14th 2018
  • Referred to Committee on Assessment and Taxation

    Thu, Mar 8th 2018
  • Hearing: Tuesday, March 13, 2018, 09:30 AM Room 548-S

    Thu, Mar 8th 2018
  • Introduced

    Wed, Mar 7th 2018