Virginia Passes Exemption for Sales of Gold, Silver, and Platinum Bullion Exceeding $1000

Friday, April 3rd, 2015

 
 
A pile of gold bars.
Share
Link
Virginia
General

Effective July 1, 2015, sales of gold, silver, and platinum bullion exceeding $1000 are exempt from sales tax in Virginia. To qualify for the exemption, each piece does not need to exceed $1000 on its own. As long as the sale is made up of pieces that exceed $1000 in total, it is exempt.

"Gold, silver, or platinum bullion" means gold, silver, or platinum, and any combination thereof, that has gone through a refining process and is in a state or condition where its value depends on its mass and purity. Gold, silver, or platinum bullion may contain other metals or substances, as long as the other substances have minimal value compared with the value of the gold, silver, or platinum. "Gold, silver, or platinum bullion" does not include jewelry or works of art.

This exemption is set to expire on December 31, 2018.

https://legiscan.com/VA/text/SB1336/2015


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

Telephone Answering Services Taxable in Arkansas

Tuesday, October 16th, 2018 -The Arkansas Department of Finance and Administration recently ruled that the service of answering calls on be...

Washington Provides Guidance on Lodging Tax for Online...

Friday, October 12th, 2018 -The Washington Department of Revenue released updated guidance that provides tax reporting information for bed...

Economic Nexus in West Virginia

Wednesday, October 10th, 2018 -The West Virginia State Tax Department announced that it will require remote sellers to begin collecting sales...

Idaho Provides Guidance on the Exemption for Medical...

Monday, October 8th, 2018 -The Idaho State Tax Commission recently released guidance that explains Idaho's sales and use tax laws for buy...

Arkansas Does Not Follow Federal Law on Foreign Income

Friday, October 5th, 2018 -The Arkansas Department of Taxation and Finance recently released an opinion that says the state does not conf...

South Dakota Provides Guidance on the Taxation of Churches

Wednesday, October 3rd, 2018 -The South Dakota Department of Revenue (DOR) recently released guidance that provides information about how sa...