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2/15/2024
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You may remember that last year, around this time, our association was surprised with the sudden news of a retroactive increase in the threshold defining a bulk sale of monetized bullion, nonmonetized gold or silver bullion, and numismatic coins. This increase would have required you to locate past customers and attempt to collect sales tax on sales that previously didn't require tax to be collected on the actual date of the sale.
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I alerted CCBMA's lobbyist, Steve Cattolica, who took immediate legislative action, leading to CDTFA rescinding that order and amending Section 6355 to assure that future increases would be determined and announced well before any implementation date.
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To prevent CCBMA members from being blindsided as they were last year, Steve Cattolica contacted CDTFA to ensure any future changes will be properly and appropriately relayed.
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CDTFA responded:
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"There was no adjustment to the threshold for bulk sales from our October 1, 2023, evaluation; the next evaluation will be on or before October 1, 2024." The Agency went on to state, "Going forward; we will include an article each December in CDTFA's Tax Information Bulletin (TIB) whether there is a threshold change or not."
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Going a step further, CDTFA also stated...
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"(it) will prepare and distribute a special notice to retailers of coins and bullions notifying them of the new bulk sales exemption threshold. Retailers can also sign up for the regulation updates at Announcement of Proposed Regulatory Change Updates (ca.gov)."
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CCBMA thanks all its members for their continued support. Because of your support, we can take actions like the ones mentioned above to protect your business and customers.
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| Sincerely,
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Barry Stuppler,
President CCBMA
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