CHARLESTON, W. Va. (March 27, 2019) – Today, West Virginia Gov. Jim Justice signed a bill into law that takes an important first step towards treating gold and silver as money instead of a commodity.
Sen. Craig Blair (R-Martinsburg) introduced Senate Bill 502 (SB502) on Feb. 1. The new law repeals sales and use tax on gold and silver bullion.
SB502 defines “investment metal bullion” as “elementary precious metal which has been put through a process of smelting or refining, including gold, silver, platinum, and palladium, and which is in such a state or condition that its value depends upon its content and not its form.” It defines investment coins to include numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and of the United States or any foreign nation with a fair market value greater than any nominal value of such coins.
The Senate passed SB502 by a vote of 33-0. The House concurred with a 90-9 vote. With Justice’s signature, the law will go into effect July 1.
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