State of Virginia about to vote on bill calling gold and silver sound money, and remove taxes from its purchase
On Jan. 20, a House subcommittee in the state of Virginia passed a key component that will soon allow a bill to go to the floor for a vote on whether to consider gold and silver as money, and remove all taxation mechanisms on its purchase by individuals.
House Bill 1668 (HB1668) would facilitate the exemption of taxes on purchases of gold, silver, and platinum bullion if the price exceeds $1000.
A Virginia bill that would remove sales taxes from some purchases of gold and silver passed an important House subcommittee Wednesday. The legislation would take an important first step toward encouraging its regular use as currency and breaking the Federal Reserve’s monopoly on money.
A bipartisan coalition of delegates sponsor House Bill 1668 (HB1668). The legislation would exempt gold, silver, or platinum bullion or legal tender coins whose sales price exceeds $1,000 from from state sales tax. 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. ”
Under the proposed law, the exemption would remain in place until June 30, 2022.
By removing taxes on gold and silver purchases, the state of Virginia is opening the door for businesses, individuals, and even government agencies to accept and use gold at a future date as money.
Virginia also joins in the growing number of states (Oklahoma, Utah, and Texas) who are either creating state run gold depositories, or passing legislation that returns gold and silver to their rightful place as a monetary unit.