Bill > SB1321

This bill extends the existing sales and use tax exemption for gold, silver, and platinum bullion, as well as legal tender coins, from June 30, 2025, to June 30, 2032. The exemption applies specifically to precious metals that have been refined to a state where their value is primarily determined by their mass and purity, excluding jewelry or works of art. The bill defines "gold, silver, or platinum bullion" as these precious metals in a refined state that may contain minimal amounts of other substances, and "legal tender coins" as coins issued by a government for exchange or debt payment. By extending this sunset provision, the bill ensures that purchases of qualifying bullion and coins will continue to be exempt from retail sales and use taxes in Virginia for an additional seven years, providing ongoing tax relief for investors and collectors of these specific types of precious metal assets.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/SB1321