Nov 17, 2017 | ICTA/NCBA, News
Congress is preparing to make changes to the taxation of “like-kind” exchanges that may effect you and your clients
The US House and Senate have included in their tax bills revisions to the treatment of like-kind exchanges that will affect some coin and currency dealers and their clients. Dealers and clients who engage in such exchanges will face significant consequences if Congress adopts these revisions to Section 1031 of the US tax code. ICTA recommends you assess the effects of these revisions if you engage in like-kind exchanges.
The consequences of the proposed changes in Sec. 1031 are complex and ICTA is not qualified to provide tax advice. But we urge you to determine the effects of the House and Senate tax bills. If your interests are affected, call your Representative and Senators as soon as possible, as congressional leaders are moving these bills at unprecedented speed. Reference Subtitle D, Sec. 3303 of the House tax bill. This section replaces the word “property” in current law with “real property,” the effect of which is to allow only real estate in like-kind exchanges in Sec. 1031 of IRS regulations.
Jul 6, 2017 | ICTA/NCBA, News
The Industry Council for Tangible Assets (ICTA) is now on Facebook. The association’s new social media site is a place where visitors can learn more about the association and members can stay up to date on association activities.
“Facebook is a great way to highlight the breadth of the work that ICTA does,” said ICTA chief operating officer David Crenshaw. “Our new Facebook page will highlight how our association works to protect coin businesses from onerous state and federal laws and regulations, to protect collectors’ access to the numismatic marketplace, and to protect the integrity of U.S. coinage.”
The association’s new Facebook page features information on new state and federal laws and regulations, association events and promotions, counterfeits, videos, photos, news releases, and more.
“As with many other industries, social media has transformed the way business gets done,” said Kathy McFadden, ICTA’s executive director. “ICTA is pleased to embark upon this social media endeavor.”
Visit the ICTA page and “Like” them at www.facebook.com/IndustryCouncilTangibleAssets.
Mar 9, 2017 | ICTA/NCBA
On February 22, Governor Terry McAuliffe signed VA HB 1668 to expand Virginia’s sales-and-use tax exemption to include legal tender coins, effective January 1, 2018, to June 30, 2022.
Virginia had a short, 6.5-week legislative session. Companion bills were introduced in the House and Senate to fast-track them; both bills passed. The companion bill, VA S 934, missed the deadline for early action by the governor and should be acted on in March.
A big thanks to Senator Frank Wagner, who introduced VA S 934, and Delegate Christopher Stolle, M.D., who introduced VA HB 1668. They championed our bills and we attribute the passage of both bills to them; without their support this wouldn’t have been possible.
“These days the Virginia General Assembly always puts a sunset clause on these things. The law will sunset in 2022 unless the industry can demonstrate that Virginia dealers and the Virginia coin shows are growing again, but based on the experience of other states, that should happen,” said lobbyist Steve Haner, who also handled the 2015 bill creating the exemption for bullion. “Getting an ANA show here would really prove to the legislators that this was great policy.”
“This is a really exciting time for collectors and dealers in the state of Virginia,” said John Brush, president of David Lawrence Rare Coins. “While it took significant financial and personal resources to get this done, it was an honor to serve and help the hobby within our great state. We only hope that it will have an overwhelming impact on all coin-related businesses in Virginia and that we’ll be able to host a national coin show in the not-too-distant future.”
ICTA’s executive director, Kathy McFadden, noted that “It takes a great deal of coordination, grassroots effort, and research in passing legislation. Without John Brush stepping up to the plate and hiring Steve Haner again, the legislation would never have happened! Also, helping out this year was Bill Hoovler, president of the Rappahannock Area Coin Club, the City of Virginia Beach, and Visit Richmond.”
John Brush is seeking help to defray the significant cost that he has underwritten, and he thanks the dealers and collectors who have helped financially support this effort thus far. PLEASE help John out by contributing to this expensive endeavor, which will produce a financial gain for EVERY dealer and collector in the state of Virginia. For more information, call John at (757) 962-7502, or email him at john.brush@davidlawrence.com.
Language for Virginia’s new law:
“Effective through June 30, 2022, gold, silver, or platinum bullion or legal tender coins whose sales price exceeds $1,000. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000. ‘Gold, silver, or platinum bullion’ means gold, silver, or platinum, and any combination thereof, that has gone through a refining process and is in a state or condition such that its value depends on its mass and purity and not on its form, numismatic value, or other value. Gold, silver, or platinum bullion may contain other metals or substances, provided that the other substances by themselves have minimal value compared with the value of the gold, silver, or platinum. ‘Legal tender coins’ means coins of any metal content issued by a government as a medium of exchange or payment of debts. ‘Gold, silver, or platinum bullion’ and ‘legal tender coins’ do not include jewelry or works of art.”
