Virginia Extends Sales Tax Exemption on Bullion. All sales now exempt from sales tax. June 2022.

Virginia state code §58.1-609.1(19) Virginia state code §58.1-609.1(19) has been updated. Virginia Gov. Glenn Youngkin has signed House Bill 3 into law, which extends and expands a previous exemption for gold, silver and platinum bullion and legal tender coins. Now all bullion and numismatic items are exempt from sales tax when shipped to a Virginia address or sold to residents in our retail store. The bill removes the old threshold of $1,000. Now even smaller purchases of gold, silver, platinum, and palladium bullion and coins are free of sale tax. The tax exemption is valid from June 30, 2022, to June 30, 2025 but may be extended.

Download PDF Document Virginia's New Bullion & Coin Sales Tax Exemption Bill

Virginia is a state with a long and rich historical connection to our country. It is one of the original 13 colonies, and many of our founding fathers called Virginia home, like George Washington, Thomas Jefferson, and James Madison. One was the Father of our Country, one the creator of the Declaration of Independence, and one the writer of the Constitution of the United States. Virginia is also responsible for providing the country with a framework for our most oft quoted list of rights and freedoms, the Bill of Rights. It was adopted from a similar set of laws passed by the Virginia Legislature. Over our history, the greatest number of United States Presidents has been born in the Commonwealth of Virginia. This historical state is surrounded by the Atlantic Ocean, Chesapeake Bay, and the Blue Ridge Mountains which all lend a hand to its climate. Its connections to the running of our country are further amplified by is close proximity to Washington D.C. and the center of all political power.

       

Silver Bullion

Virginia may be the earliest known settlement in the new world, when Europeans in the early 1600s established the first colonies on its shores. It is very close to the north, but draws major influences from its southern neighbors, like its plantation lifestyle, and its slavery traditions. During the American Civil War, it joined the Confederacy, going so far as to having Richmond be the capitol of the South. After the war, for over 150 years the political parties have jostled for control of the state government. It is a highly competitive two party state, with indications of Republican and Democratic leanings. The assembly is the oldest law making body that has continuously operated in the United States and the colonies before the revolution. The economy consist of agricultural and farming in the valleys, and government subsidized workers In suburbs of DC, including the CIA and Defense Department it also has one of the main seaports along the eastern coast.

The residents of the state are very aware, based on their reliance on government contracts and employment that you need to have a positive financial plan for the future. You must place your hard earned money in places where it can have a positive return with stability and security. You could invest in real estate, although with a front row seat to the economic crisis that developed in our nation's capital, and the constant struggles to get anything changed in the system, any investment in property is very risky. You could invest in the stock market, but it is very unpredictable, and it only seems like brokers and rich people make money. The best solution might be to buy gold, silver, platinum bullion or rare coins, but pay attention as sales tax maybe imposed on the transaction. In the State of Virginia we now have an exemption on transactions over $1,000.

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