National Coin & Bullion Association Coalition Defeats New York Senate Bill S7875

The National Coin & Bullion Association (NCBA), working alongside a coalition of New York coin and bullion dealers, collectors, investors, and industry advocates, has successfully defeated New York Senate Bill S7875 in the closing days of the 2026 legislative session.

The bill, introduced by state senator Andrew Gounardes, sought to significantly narrow New York’s long-standing sales-tax exemption on precious-metals bullion held for investment purposes by limiting the exemption primarily to government agencies and large, international, institutional buyers. Had it passed, the legislation would have effectively imposed sales tax on most individual investors, collectors, and in-state purchasers of bullion products.

On June 5, 2026, S7875 was sent to the Senate Rules Committee, where the measure ultimately died when the session closed.

The successful effort was supported by an extensive grassroots and lobbying campaign that included direct outreach to lawmakers, formal testimony, coalition meetings, educational materials distributed to dealers statewide, and coordination with legislative advocates in Albany.

NCBA and coalition members argued throughout the legislative process that restricting the exemption would place New York at a competitive disadvantage compared to the overwhelming majority of states that exempt precious metals from sales tax. Advocates also emphasized that precious metals function as investment assets—not consumer goods—and warned that the legislation would drive business activity, conventions, and investment purchases to neighboring states and online sellers.

“This is a major victory for New York investors, dealers, collectors, and the broader precious-metals community,” said NCBA executive director David Crenshaw. “The coalition demonstrated that grassroots advocacy works. Legislators heard directly from small-business owners, market participants, and constituents, who explained the economic harm this legislation would have caused.”

NCBA specifically thanks New York coalition members Scott Hunt of Jack Hunt Coin Broker, Bill Panitch, Mark Ballantyne, Geoffrey Demis, and Mike Dozois of Ferris Coin & Jewelry for their leadership and efforts, as well as numerous other dealers and collectors across the state who dedicated substantial time and resources to opposing the legislation. 

The association also acknowledges the work of legislative counsel and advocates who helped educate policymakers on the broader economic implications of the proposal during the final weeks of session.

“This effort showed the importance of industry unity,” Crenshaw notes. “Without the coordinated action of dealers, collectors, investors, and advocates throughout New York, this bill could have advanced very quickly. The numismatic and precious-metals community came together and protected an important policy that supports small businesses, jobs, and consumer choice.”

Although S7875 failed this session, NCBA cautions that similar legislation could reappear in future budget or tax negotiations and encourages continued engagement from the numismatic and bullion community.

NCBA will continue to advocate not only for preserving New York’s exemption under Tax Law §1115(a)(27) but also for eliminating the state’s outdated $1,000 transaction threshold, so that smaller investors and collectors can access the exemption equally.

For additional information or to participate in future advocacy efforts, contact NCBA at ncba@ncbassoc.org.