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Virginia bullion sales-tax exemption extended and threshold removed
From CoinWeek
Ormond Beach, Florida
Tuesday, April 12, 2022
On March 2, Virginia Gov. Glenn Youngkin signed House Bill 3, which extends to June 30, 2025, the sunset date for the sales-tax exemption on gold, silver, and platinum bullion and legal tender coins. Under the previous law, the exemption would have expired on June 30, 2022.
In the summer of 2014, John Brush of David Lawrence Rare Coins, with a coalition of coin-business owners, a lobbyist, and the National Coin and Bullion Association started developing legislation to exempt coins, currency, and precious-metals bullion from Virginia's sales and use taxes. The legislation provided an exemption that included gold, silver, and platinum purchases whose totals exceeded $1,000.
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On March 26, 2015, Gov. Terry McAuliffe signed the legislation and the law went into effect on July 1, 2015. However, a sunset provision was also added to the law, so that the original sales tax would be reinstated if new legislation were not passed before the end of the 2018 legislative session. ...
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