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Minutes for HB2093 - Committee on Taxation
Short Title
Providing for a sales tax exemption for sales of currency, certain coins and bullion.
Minutes Content for Wed, Feb 6, 2019
Adam Siebers, Assistant Revisor provided an overview on HB2093 stating the bill provides a sales tax exemption for the sales of gold, silver and numismatic coins; palladium, platinum, gold or silver bullion; and currency. Currency is defined as any coin or currency made of gold, silver or other metal or currency made of paper.
In response to a question, Adam Siebers stated this bill has the same language as introduced last year.
Amy Kramer, Kansas Department of Revenue stated the fiscal note for HB2093 would have a $7,840. decrease in all revenue funds including $6,574. for the State General Fund. There would be a cost of $1,200. for the Department to revise some publications.
Dean Schmidt, Dean Schmidt Rare Coins & Atchison Rare Coin Company testified as a proponent for HB2093 stating his business was founded in 1988, and focused on the numismatic wholesale market on a national level until he opened a brick-and-mortar store in Atchison. He noted the sales tax exemption for coins and bullion in Missouri and the lack of an exemption in Kansas is a major handicap for customers in Kansas and his business (Attachment 1). He remarked there are now 49 states in the United States that have exemptions for gold, silver, rare coins, platinum, palladium in various forms but in most cases there are total tax exemptions. Mr. Schmidt stood for questions.
In response to a question, Mr. Schmidt stated legal tender items of the United States and metals that are taxed per capital gains are being requested to be tax exempt. For other collectibles, he noted he did not know what the tax implications would be.
In response to a question, Mr. Siebers stated it is undefined in HB2093 if the tax exemption would apply to foreign coin and currency.
Michael Austin, Kansas Policy Institute submitted written testimony as an opponent to HB2093 (Attachment 2).
Chairperson Johnson closed the hearing on HB2093.
