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Ohio Bill Would Restore Rare Coins Sales Tax Exemption
By: Associated Press
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COLUMBUS, Ohio (AP) – An Ohio House panel is considering a bill to restore a sales tax exemption for residents purchasing rare coins and precious metal bullion.
The exemption was eliminated following a 2005 scandal centering around Republican fundraiser and coin dealer Tom Noe. Noe was convicted of stealing from a $50 million rare coin fund he oversaw for the Ohio Bureau of Workers’ Compensation. He’s now serving an 18-year prison term.
The collectible coin industry has been pushing for the exemption to be restored since it was repealed. Collectors argue that the entire industry shouldn’t be punished because of one person’s actions.
The House Ways and Means Committee planned a possible vote on the bill Tuesday.
The Senate passed the bill last year. A similar measure already has cleared the full House.