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Minutes for SB437 - Committee on Assessment and Taxation
Short Title
Enacting a sales tax exemption for sales of currency, certain coins or bullion.
Minutes Content for Tue, Mar 13, 2018
Chairperson Tyson opened a hearing on SB437.
Adam Siebers presented to the Committee an explanation of SB437. He stood for questions.
Kathy McFadden presented testimony to the Committee in support of SB437 by promoting "the exemption as a legitimate jobs and economic-development issue". (Attachment 4) She stood for questions.
Dean Schmidt presented testimony to the Committee in support of SB437 by saying "the lack of an exemption in Kansas has proven to be a major handicap for all customers in Kansas and for my overall business. My business has basically evolved into a buying operation . . . almost all sales are wholesale and out-of-state". (Attachment 5) He stood for questions.
Josh McCleary presented testimony to the Committee in support of SB437 by expressing how "sales tax on precious metals in Kansas becomes a barrier to remaining in Kansas" and "adding the sales tax exemption for precious metals will be a net positive for the state". (Attachment 6) He stood for questions.
Written only testimony presented to the Committee in support of SB437 was provided by Eric Stafford, Kansas Chamber (Attachment 7); Patrick Heller, Liberty Coin Service, Lansing MI (Attachment 8); Robert Dunlap II, Equity Standard Numismatics of Kansas, Wichita (Attachment 9); Robin Tummons, House of Stuart, Mission (Attachment 10); and Rick Raines, Raines Rare Coins, Johnson County (Attachment 11).
No testimony neutral to or in opposition to SB437 was presented to the Committee.
When all questions from the Committee were answered, Chairperson Tyson closed the hearing on SB437.
