Charleston, West Virginia (March8th, 2019) -- Sound money advocates rejoiced today asWest Virginiapassed Senate Bill 502 into law, effective July 1, 2019. SB 502, which passed in the West Virginia senate unanimously last month, removes state sales taxation of precious metals, specifically on gold, silver, platinum, and palladium bullion and coins.
State Senator Craig Blair (R-District 15) introduced SB 502 with the goal of encouraging precious metals purchasers to keep their investment dollars in the state rather making investments elsewhere. The bill impacts purchases of platinum, gold, palladium, or silver bullionthat is valued upon its precious metal content, whether in coin, bar, or ingot form.
The Sound Money Defense League made the case to West Virginia legislators that charging sales taxes on money itself is beyond the pale. In effect, those states that collect taxes on purchases of precious metals are inherently saying gold and silver are not money at all.
“West Virginia has taken a huge step forward with the passage of SB 502. Thanks to the efforts of Senator Blair and other groups, there are now fewer obstaclesin the way of West Virginiacitizens to protect themselves from the inflationary practices of the Federal Reserve,” said Jp Cortez, Policy Director of the Sound Money Defense League.
The Sound Money Defense League argues that charging sales taxes on purchasing the monetary metals was tantamount to charging an 80-cent tax after asking a gas station attendant to change a 20-dollar bill.
West Virginia has now joined the ranks of the 38 other states that have elected to remove gold and silver from sales taxation. Other states have advanced legislation toeliminate income taxation on gold and silver (Arizona, Utah, and Idaho) or setting up precious metals depositories to help citizens save and transact in gold and silver bullion (Texas and Tennessee).
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