Virginia State Senate Votes Unanimously to Keep Gold and Silver Tax Free

Jp Cortez Jp Cortez

Jp Cortez

February 1st, 2022 Comments

(Richmond, Virginia - January 31, 2022) - Members of the Virginia State Senate have voted UNANIMOUSLY to keep gold and silver purchases tax-free in the Commonwealth.

Last week, Senate Bill 26, sponsored by Sen. Ruff (and companion bill to HB 3), reported out of the Senate Finance and Appropriations Committee with a 14-1 vote. 

Earlier today, the Senate voted to keep the existing sales tax exemption in place by extending the sunset date until 2027.

After passage in the Senate, Senate Bill 36 will now be transmitted to the House of Delegates.

In addition to these measures, House Bill 936, sponsored by Del. Batten, would not only extend the sunset provision, but it would also eliminate the arbitrary $1,000 threshold that currently exists in the sales tax exemption. This policy is discriminatory and regressive, as most precious metals investors are buying in small increments as a way to preserve their wealth.

Yesterday, HB 936 passed unanimously out of Subcommittee #2 with a vote of 9-0.

The Sound Money Defense League and Money Metals Exchange have been in close communication with legislators in Virginia to support sound money efforts.

For more information on SB 26, click here.

Jp Cortez

About the Author:

Jp Cortez is a graduate of Auburn University and a resident of Charlotte, North Carolina. He is the Executive Director of the Sound Money Defense League, an organization working to remonetize gold and silver through nationwide legislative efforts. Follow him on X (Twitter) @JpCortez27.