Sen. Frank Wagner (R-Virginia Beach) prefiled Senate Bill 934 (SB934) this week. The legislation would exempt some bullion or currency purchases from state sales tax. The official bill summary reads, in part:
Exempts legal tender coins whose total transaction sales price exceeds $1,000 from sales and use tax.
Under the proposed legislation, the exemption would remain in place until June 30, 2022.
Imagine if you asked a grocery clerk to exchange $1000 in cash for smaller bills and he charged you a $53 tax. Silly, right? After all, you were only exchanging one form of money for another. But that's essentially what Virginia's sales tax on gold and silver does.