Virginia Sales-Tax Exemption Expanded to Include Coins

http://blog.greysheet.com/2017/03/0...ales-tax-exemption-expanded-to-include-coins/

"On February 22, Governor Terry McAuliffe signed VA HB 1668 to expand Virginia’s sales-and-use tax exemption to include legal tender coins, effective January 1, 2018, to June 30, 2022. "​

 

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Given the ideological makeup of NC's state legislature, I'm a bit surprised that there's been no movement in that direction here. I guess they've had more important things to occupy their attention.

 

That is great news for those of us who live in VA. When it said legal tender coins I assumed it meant US legal tender but the wording seems to indicate legal tender from anywhere in the world: " ‘Legal tender coins’ means coins of any metal content issued by a government as a medium of exchange or payment of debts."

 

I ain't touchin' that one with a ten foot pole........

 

Even if your birth certificate says... nope, on second thought, me neither.

 

Tax exempt but only for sales over $1000, under that you pay taxes.

 

True, but better than California, which is $1500. Bad news is that it does not apply to bullion.

 

I don't know, the way it is written it could apply to bullion and not just bullion coins.

If form doesn't matter then bars would qualify.

 

I thought it specifically said legal tender from a government. Bullion is not.

 

This is the text from the law itself, according to the article (and therefore presumably fair game for reposting):

So, the law exempts purchases over $1000 of bullion or legal tender coins. The bullion doesn't have to be in a particular form or from a particular issuer, and the coins don't have to be PM.

 

I believe ASE and AGE bullion coins would come under the heading of legal tender in that they have dollar values.

 

Wish this didn't take a year to become active.

 

Most if not all gold silver and platinum bullion COINS whould be covered because they ARE legal tender somewhere (Note the law did not limit it to legal tender in the US.) The question is whether bullion (Rounds or bars) would be covered. The section I quoted above would seem to indicate that they would be covered. but they might argue otherwise. If they had included a comma after bullion in the first line it would have made it a lot clearer.

 

‘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 such that its value depends on its mass and purity and not on its form, numismatic value, or other value.

‘Legal tender coins’ means coins of any metal content issued by a government as a medium of exchange or payment of debts. ‘Gold, silver, or platinum bullion’ and ‘legal tender coins’ do not include jewelry or works of art.

Really, I think that's about as explicit a separation between "bullion" and "legal tender coins" as any lawyer could ask for.

 

Where do you put an ASE then? It's not issued as a medium of exchange or payment of debts but grade it a 70 and its vale is now numismatic

 

But it is still legal tender.

 

True but the added language of being issued as a way to pay debts puts it into grey areas. It's worded a little funny but it sounds like their intention was to include anything that doesn't just sell for melt from private refineries

 

But you CAN use your 70 ASE to pay a debt because it is legal tender, and since it is legal tender it is covered by the law.

 

An ASE would seem to fit into both categories. It's issued by the government with a marked face value; that makes it legal tender/medium of exchange, regardless of whether the government intended it to circulate. (You wouldn't say NIFC Kennedy halves are not-legal-tender, would you?) It's also plainly bullion.