Iowa Sales Tax Law became law July 1, 2006.
The ICTA is a national
organization which helped guide us in our quest to eliminate sales tax
on bullion, coin, and currency.
The exemption from Iowa Sales Tax:
Section 423.3, Code Supplement 2005, is amended by adding the
following new subsection:
NEW SUBSECTION. 89. a. The sales
price from the sale of coins, currency, or bullion.
b. For purposes of this subsection:
(1) "Bullion" means bars, ingots, or
medallions of gold, silver, platinum, palladium, or a
combination of these where the value of the metal depends on
its content and not the form.
(2) "Coins" or "currency" means a coin or
currency made of gold, silver, or other metal or paper which is or has
been used as legal tender.