Kentucky House Bill 2 Introduced to Protect Coin Dealers and Collectors

House Bill 2 was introduced in the Kentucky General Assembly on Jan. 10, 2025, marking a significant development for coin dealers and collectors. The bill directly addresses the improper collection of sales and use tax on currency and bullion transactions, protecting dealers and ensuring state agencies’ compliance with existing tax exemptions. Key Provisions of HB 2 If passed, HB 2 will • Safeguard Tax-Exempt Status—Preserve the tax-exempt status of currency and bullion transactions under current Kentucky law. • Allow Refund Claims—Enable those who paid sales or use taxes improperly after August 1, 2024, to seek refunds. • Provide Compensation—Offer additional damages, including up to $1,000 per day for violations, interest, and reimbursement for legal fees. • Ensure Accountability—Hold state agencies and officials personally liable for any improper tax enforcement. The…