CHARLOTTE, N.C. – Effective immediately, coin collectors and precious-metals bullion investors will no longer be required to pay sales tax on purchases in North Carolina. The state joins 35 other states in offering protection to collectors and investors from paying a sales tax on what products commonly pursued as an investment.
For nine months, Mitchell Hyatt of Hyatt Coin Shop in Charlotte has directed the effort for the sales tax exemption bill, House Bill 434: Coins/Currency/Bullion Sales Tax Exemption, with the support of a number of area coin dealers. Hyatt credits the hard work of lobbyist Chris Emmanuel and the Industry Council for Tangible Assets (ICTA) chief operating officer David Crenshaw.
“This is a victory for collectors and investors,” said Hyatt. “Investors will no longer need to send their money and assets through the mail to avoid a sales-tax penalty, and collectors will no longer have to pay tax on money.”
Hyatt, a third-generation coin shop owner, laments that thousands of investors and collectors were discouraged from their pursuits during the sales-tax era, but now looks forward to promoting growth in the collector community.
The state of North Carolina should also benefit from sales tax and hospitality tax collected from increased sales of collecting supplies and the return of major coin conventions to the state.
Mitchell Hyatt continued: “I want to thank ICTA and NC House Representative Dana Bumgardner for their hard work. The coin collecting community has been well served by its representatives, and I am proud to be a part of this success story.”