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Alabama Becomes 37th State with a Sales-Tax Exemption

Alabama State QuarterOn Tuesday, March 6, 2018, Alabama governor Kay Ivey signed into law Senate Bill 156 to exempt the gross proceeds from the sales of gold, silver, platinum, and palladium bullion, and money from sales and use tax for five years. The law is a sales-and-use tax exemption on U.S.A. coins and currency and precious-metals bullion sales.

“The bill’s author, Senator Tim Melson along with its House sponsor, Representative Ron Johnson, championed the bill through the legislature,” said Phil Darby (J & P Coins and Currency, Helena, Alabama). “Alabama coin businesses and collectors owe them a debt of gratitude.”

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NGC Teams with ANA, PNG, ICTA and NCIC to Fight Counterfeit Coins

Numismatic Guaranty Corporation (NGC) is proud to be working with the American Numismatic Association (ANA), the Professional Numismatists Guild (PNG), the Industry Council for Tangible Assets (ICTA), and the Numismatic Crime Information Center (NCIC) to combat counterfeit coins.

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ICTA Appoints Seven to Non-profit Foundation Board

Scott SpitzerThe Board of Directors of the Industry Council for Tangible Assets has appointed seven industry leaders to guide the Anti-Counterfeiting Educational Foundation (ACEF), the non-profit organization recently formed to receive contributions to support the work of its Anti-Counterfeiting Task Force.

Scott Spitzer, chief executive officer of Manfra, Tordella & Brookes, Inc., will serve as president. Officers joining him will be Gary Linthicum of Universal Coin and Bullion, who will serve as vice president; Greg Allen of Greg Allen Coins as secretary; and Philip N. Diehl of U.S. Money Reserve as treasurer. Other board members include Robert Brueggeman, executive director of the Professional Numismatist Guild; Larry Baber, treasurer of the American Numismatic Association, and Robert Harwell of Hancock & Harwell Rare Coins.

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Investors Should Exercise Caution Investing in IRA Home Storage

IRA DollarSome precious-metals bullion dealers recently have been advertising “home storage” as a legal and beneficial option for storing bullion that may be invested in an individual retirement account (IRA).

The “home storage” concept may conflict with the laws that allow for tax-advantaged IRA investments.

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North Carolina Dealer Honored with Service Award

Mitch Hyatt Honored with Service AwardIndustry Council for Tangible Assets dealer member Mitch Hyatt (Hyatt Coin and Gun Shop, Charlotte, North Carolina) was honored during the ICTA dinner and update cruise aboard the Yacht StarShip II in Tampa, Florida, on January 3 as the recipient of the 2017 Diane Piret Memorial Outstanding Service Award.

In the fall of 2016, Hyatt started collaborating with ICTA on a campaign to obtain a state coin, currency, and precious-metals bullion sales-tax exemption. Hyatt hired Chris Emanuel (C.G. Emanuel Group, Charlotte, North Carolina) as the campaign’s lobbyist. He also paid 100% of ICTA’s expenses in aiding the campaign.

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