March saw the sales tax come under attack as states are looking to the federal government to lift the restrictions on collecting taxes on interstate sales. The senate re-introduced the Marketplace Fairness Act with lifts the restrictions on all interstate sales, not just those made via the Internet.
In March, the Supreme Court ruled that a challenge to Colorado’s so-called “Amazon tax” can proceed in federal court, Justice Anthony Kennedy suggested that that the court should re-examine the physical presence rules. As part of the court’s opinion on the Colorado case, Kennedy wrote that the ruling “now harms states to a degree far greater than could have been anticipated earlier.”
Remember, the overwhelming majority of coin dealers are small businesses. All of these attempts by the states to squeeze every last cent out of you will put a heavy burden on small businesses. If it costs too much for small businesses to manage these sales tax rules it could impact coin shows all over the country.
This one is going to get dicy. stay tuned!
In February, there was only one bill that saw any action:
S. 301: Boys Town Centennial Commemorative Coin Act
The following two bills were introduced right before congress adjourned for their spring break and have not been published. While the Coast Guard commemorative is pretty self explanatory, H.R. 1698 is intriguing.