Numismatic Businesses Defeat Attempted Repeal of Hobby’s Tax Exemption in Maryland

[bsa_pro_ad_space id=4]

April 30, 2015 – For the third time, the Maryland General Assembly rejected legislation that would have repealed the Maryland tax exemption for coins and bullion. “We have once again defeated an effort to repeal the tax exemption and have assured that Baltimore will continue to host some of the nation’s premier coin and precious-metal conventions for the foreseeable future,” said Mary Burleson, president of Whitman Coin & Collectibles Expo.

HB903: Sales and Use Tax – Exemption for Precious Metal Bullion and Coins – Repeal was introduced during the 2015 session of the General Assembly. Following the hearing, no further legislative action was taken on HB903, and therefore the bill was defeated.

Whitman Coin & Collectibles Expo engaged The Rasmussen Group, an Annapolis lobbying group who has represented Whitman in the past and assisted in defeating similar legislation in previous years.

At the public hearing before the House Ways and Means Committee, Whitman, along with representatives from the Industry Council for Tangible Assets, detailed to the Committee that the Whitman Coin & Collectibles Expo, held three times a year in the Baltimore Convention Center, attracts thousands of attendees at each show, generating an estimated $4 million in economic impact annually.

The passage of HB903 would have prompted Whitman to seek other venues in a different state to host its shows; this resonated with the membership of the Committee. Whitman’s testimony was bolstered by support from Visit Baltimore as well as Kathy McFadden, executive director of the Industry Council for Tangible Assets, who also provided testimony at the hearing.

Whitman hosts three conventions in Baltimore, one in the winter, one in the spring, and another in the summer. This summer’s Coin & Collectibles Expo will be held July 16–19, 2015. Baltimore’s inner-harbor area offers a wide variety of lodging options with excellent and unique food offerings and is an ideal location for conventions. “Whitman has a developed a strong relationship with Baltimore and its business community and we look forward to the years to come,” said Burleson.

The text of HB903: Sales and Use Tax – Exemption for Precious Metal Bullion and Coins – Repeal you can read here.

And to visit the website of Whitman Coin & Collectibles Expo please click here.