The Ohio House of Representatives this week passed House Bill 26, which seeks to exempt from sales and use taxes the sale or use of investment metal bullion and collectable coins. State Representative Robert Sprague (R-Findlay) voted in support of the bill.

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.

“Gold and metal bullion are often used as investments, and we don’t levy a sales tax on other investments in the State of Ohio,” said Representative Sprague.

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. 

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