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Virginia expands sales tax examption

ICTAlogoLegal-tender coins have been added to Virginia’s sales tax exemption that applies to gold, silver and platinum bullion under a new law that will take effect Jan. 1, 2018, and sunset June 30, 2022, the Industry Council for Tangible Assets has announced.

This exemption will apply on transaction that exceed $1,000 in value.

It was a group effort to persuade the state legislature to make the change.

ICTA’s executive director, Kathy McFadden, said that “It takes a great deal of coordination, grass-roots effort and research in passing legislation. Without John Brush stepping up to the plate and hiring Steve Haner again, the legislation would never have happened! Also, helping out this year was Bill Hoovler, president of the Rappahannock Area Coin Club, the City of Virginia Beach, and Visit Richmond.”

Brush is president of David Lawrence Rare Coins.

VirginiaTax“While it took significant financial and personal resources to get this done, it was an honor to serve and help the hobby within our great state, he said.

“We only hope that it will have an overwhelming impact on all coin-related businesses in Virginia and that we’ll be able to host a national coin show in the not-too-distant future,” Brush said.

Haner is a lobbyist who handled the 2015 effort that got the original bullion exemption.

“Getting an ANA show here would really prove to the legislators that this was great policy,” Haner said.

ICTA has appealed to others in the field to help with the costs of this successful effort.

For more information, call Brush at (757) 962-7502, or email him at john.brush@davidlawrence.com.

 

This article was originally printed in Numismatic News. >> Subscribe today.

 

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