Senate Bill No. 34

(By Senators Nohe, Sypolt and Karnes)

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[Introduced January 14, 2015; referred to the Committee on Finance.]

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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 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.