Illinois

The State of Illinois requires the imposition of sales taxes on specific items sold by ModernCoinMart and delivered to addresses within Illinois. It is essential to ensure the collection of these taxes on (1) palladium products; (2) copper products; (3) any bullion with a purity of less than 980 parts per 1,000; (4) any coins that were issued by any other U.S. state other than the State of Illinois; (5) accessory items; and (6) processed items.

The following definitions apply to items that are subject to state tax collection in Illinois:

Bullion. Gold, silver, or platinum in a bulk state with a purity of less than 980 parts per 1,000..
Accessory Items. Items such as holders, tubes, coin flips, and apparel.
Processed Items. Processed precious metals altered by third-party entities to create items valued for attributes beyond their intrinsic metal content, such as embellished coins or sculptures.

Occupation taxes in Illinois are calculated at checkout on the ModernCoinMart website based on (1) the tax implications associated with products sold by ModernCoinMart in Illinois, as previously outlined, and (2) the specific tax rates determined by the governing tax authority applicable to the designated delivery location within Illinois.

ModernCoinMart began collecting occupation taxes in Illinois on May 1, 2024. Our occupation tax license number in Illinois is 4529-1640.

If you are an Illinois-based reseller and wish to file a Reseller Certificate with ModernCoinMart, please contact us at [email protected]. Upon receipt of your completed Reseller Certificate, we will promptly enter it into our records. Provided that your Reseller Certificate maintains its validity and remains active, no sales taxes will be applied to subsequent orders.

Please note: The summary above provides a condensed examination of sales tax laws and obligations within the State of Illinois. While comprehensive, it may only encompass some facets of the regulations. Its purpose is to outline the pertinent laws and requirements applicable to transactions involving ModernCoinMart within the state. If you would like to research the sales tax laws and requirements in the State of Illinois, we suggest you visit the Illinois Department of Revenue located at https://www2.illinois.gov/rev/Pages/default.aspx.

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