Maryland Budget Bill Passes, Repealing Sales-Tax Exemption for Coins & Bullion — Next Steps

Included in the budget is a provision repealing the sales-tax exemption for precious-metal bullion and coin purchases over $1,000, with an exception retained for events held at the Baltimore Convention Center. With the legislative session adjourned on April 7, the bill now heads to Governor Wes Moore for review. The Governor has until May 27, 2025, to sign or veto the legislation. Barring a veto, the repeal will take effect July 1, 2025, once again subjecting numismatic and bullion transactions to Maryland’s 6% sales tax.

Previously safeguarded under Statute 11-214.1(b) of the 2024 Maryland Tax Code, the exemption was one of five eliminated to address a substantial state funding shortfall. The National Coin & Bullion Association (NCBA) cautions that this change could redirect consumers to neighboring states—all of which maintain exemptions—placing pressure on Maryland’s dealers, collectors, and investors.

Efforts to Oppose the Repeal 

Four weeks ago, upon learning of the repeal provision, Whitman Expos swiftly hired a lobbyist to fight the measure, collaborating with the Baltimore Convention Center’s lobbyist and receiving significant support from NCBA. Despite these concerted efforts, the tight timeline—coupled with the legislature’s concern over a massive funding shortfall—left insufficient time to sway lawmakers. “We fought hard, but the budget process was too far along, and the state’s fiscal priorities overshadowed our push,” said NCBA executive director David Crenshaw. While the exemption for Baltimore Convention Center events was preserved, the broader repeal moved forward.

A Strategic Pivot Post-Passage 

With the budget now approved, NCBA is shifting focus to long-term advocacy. NCBA and Whitman Expos are already planning a stronger, unified effort for 2026 to secure a comprehensive exemption. “The legislature’s priority this year was closing a fiscal gap, making the repeal a challenging battle this session,” Crenshaw noted. “We’re now channeling our energy into a robust 2026 campaign for a full exemption—no $1,000 threshold—for coins, paper money, and bullion.”

What’s Next After July 1, 2025 

Unless vetoed by Governor Moore, the repeal will take effect July 1, 2025, potentially leading to several negative economic effects: 

• Business Migration: Collectors and investors may turn to the other 45 states with exemptions, such as Pennsylvania, Virginia, and Delaware. 
• Economic Ripple Effects: Local dealers and coin shows could face increased costs, reduced revenue, or closures. 
• A Case for Reversal: States like Louisiana, which saw economic pushback after a 2016 repeal, reinstated their exemption within a year—a precedent Maryland could follow.

NCBA seeks to document losses post-July 1, gathering data to strengthen the case for reinstatement.

NCBA’s Roadmap for 2026 

NCBA, alongside industry allies like Whitman Expos, is preparing a multi-pronged response: 

1. Track the Process: NCBA will continue to release updates regarding the governor’s decision to sign by May 27, 2025, and its impacts after July 1. 
2. Advocate for Full Relief: A 2026 campaign will push for a comprehensive exemption, drawing on recent successes in states like Tennessee. 
3. Gather Evidence: Dealers and collectors impacted by the repeal should email ncba@ncbassoc.org with their experiences—key ammunition for the fight ahead. 
4. Strengthen the Community: Members are urged to spread the word among Maryland numismatists to build a united front.

A Call to Mobilize 

“July 1, 2025, may bring challenges, but that’s a starting point for change,” said NCBA executive director David Crenshaw. “By organizing now, we can secure broader tax relief in 2026.”

Not a member? Join at ncbassoc.org/membership to tap into advocacy tools, resources, and a collective voice for the industry.