Bill was signed into law on Monday
Virginia Governor Terry McAuliffe signed a bill that removes sales tax from gold and silver into law on Monday in a bid to support sound money.
House Bill 1668 (HB1668) was sponsored by a bipartisan coalition of delegates and exempts “gold, silver, or platinum bullion or legal tender coins whose sales price exceeds $1,000 from state sales tax,” reports Activist Post.
The report also states that “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.”
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The law will go into effect on Jan. 1, 2018 and the exemptions will be valid until June 30, 2022.
Kentucky also proposed a bill (BR156)last year that would also remove sales tax for gold and silver. The aim of these laws is to break the Federal Reserve’s monopoly on money.
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