Now in Effect: Virginia Law Takes First Step to Support Sound Money

RICHMOND, Va. (Jan. 7, 2018) –  On Jan. 1, a Virginia law that repeals sales taxes from some purchases of gold and silver went into effect. It represents an important first step toward encouraging its regular use as currency and breaking the Federal Reserve’s monopoly on money.

A bipartisan coalition of delegates and senators sponsored House Bill 1668 (HB1668) and Senate Bill 934 (SB934). The legislation exempts gold, silver, and platinum bullion or legal tender coins whose sales price exceeds $1,000 from state sales tax. Each piece of gold, silver, or platinum or legal tender coin need not exceed $1,000, provided that the sales price of one entire transaction of such pieces exceeds $1,000. With gold over $1,000 an ounce, a single bullion coin will exceed this threshold.

Under the new law, the exemption will remain in place until June 30, 2022.

The House passed HB1668 by a 99-0 vote. It passed in the Senate by a vote of 38-1.

IN PRACTICE

Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of …

Read more at The Tenth Amendment Center
(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)

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