The Ohio House of Representatives today passed House Bill 26, sponsored by State Representatives Christina Hagan (R-Alliance) and Ron Maag (R-Lebanon). HB 26 seeks to exempt from sales and use taxes the sale or use of investment metal bullion and collectable coins.
Examples of investment metal bullion that would be exempt under the bill include gold, silver, platinum, and palladium, as well as coins defined as legal tender under the laws of the United States or any foreign nation. HB 26 is intended to increase revenue for businesses that sell collectable coins and bullions, and help them to keep their doors open.
“I am proud to be working on this issue for a constituent and small business owner in House District 50,” said Hagan. “We are sent to represent the needs of our districts and with this legislation we can restart the engine of an industry-wide group of Ohio's small businesses who sell investment precious metals, collectable coins and bullions. We can gain back our equal playing ground and be an active competitor with the other 32 states enjoying the sales due to such an exemption.”
“I was a sponsor of this bill because I believe it will help foster business and keep revenue in Ohio,” said Maag. “I was happy to see the support this legislation received in the House Ways and Means Committee, with a unanimous 21 favorable votes, and am happy to see it moving forward in the legislative process.”
The bill would seek to put Ohio on par with the 32 other states with exemptions for rare coins, currency and precious metals, which are frequently used for investment purposes. Rep. Hagan and Rep. Maag worked extensively with their constituents in working on a solution to the problems associated with these taxes.