Tax & Accounting Blog

Collectibles Eligible for Sales Tax?

Indirect Tax, ONESOURCE, Sales and Use Tax January 26, 2012

In South Dakota, collectibles are currently taxed, whereas commodities are not.  This was the question one House bill posed at a recent legislative session, in which legislators could not agree on whether coins, currency, and bullions would be taxed at a combined 6% rate – 2 percent going to the city on top of 4 percent to the state.

Minnesota and Nebraska currently have a tax on such items, whereas nearby Wyoming, North Dakota, Iowa and Montana do not.  This bill would have overturned Bill 1151, which passed in 2007, exempting coins and currency.