On July 1, a Virginia law extending and expanding a sales tax exemption on the sale of gold and silver bullion and coins went into effect. Ending the sales tax will relieve some of the tax burdens on investors, and take a step toward treating precious metal bullions as money instead of a commodity.
Virginia and Alabama both extended their sales tax exemptions on precious metal bullion this year, relieving some of the tax burdens on investors, and taking a step toward treating gold and silver as money instead of as commodities.