Senate Bill No. 433
(By Senators Nohe and Tucker)
[Introduced January 27, 2014; referred to the Committee on Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-15-9o, relating to exempting sales of precious metals from the sales tax under certain conditions.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-15-9o, to read as follows:
ARTICLE 15. CONSUMERS SALES AND SERVICE TAX.
§11-15-9o. Exemption for precious metals.
(a) The sale of precious metals is exempted from the taxes imposed by this article if:
(1) The sales price is $5,000 or more; and
(2) The purchase is for investment purposes.
(b) As used in this section, "precious metal" means gold, silver, platinum or other valuable metal.
NOTE: The purpose of this bill is to exempt sales of precious metals from the sales tax if the purchase is $5,000 or more and is an investment. The bill also defines the term “precious metal.”
This section is new; therefore, strike-throughs and underscoring have been omitted.