Sales tax exemption extended in Virginia until 2025
- Published: Apr 20, 2022, 9 AM
Virginia Gov. Glenn Youngkin has signed House Bill 3 into law, which extends a previous sales-tax exemption for gold, silver and platinum bullion and legal tender coins.
The National Coin & Bullion Association reports that this action is the state’s second extension of the legislation originally enacted in 2015.
The exemption would have expired June 30, 2022, without action. The extension now runs until June 30, 2025. Future legislation may provide additional extensions or permanence to the measure.
The original legislation carried a provision that the measure would apply only to purchases where the total exceeded $1,000.
A new, separate measure, HB 936, eliminates that requirement and was approved by Virginia lawmakers and signed by Youngkin in April. It takes effect July 1 as well.
“The political scene was not a world I expected to enter,” said John Brush of David Lawrence Rare Coins, current chairman of the National Coin & Bullion Association and a member of the group that created the initial legislation. “But the opportunity to work with other business owners in Virginia and throughout the country to help collectors in my adopted state was one that I could not turn down.”
Brush added, “It was truly an honor to be involved in the legislative process, and I’m really proud to see that common sense, elbow grease, and feet on the ground can really accomplish change in the world of politics. We hope that these efforts will allow the coin hobby and businesses to continue to grow in the Old Dominion.”
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