SB 866
Eliminating capital gains tax on gold, silver, and cryptocurrency
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill would exempt capital gains from the sale of gold, silver, and cryptocurrency from West Virginia’s personal income tax. It defines ‘cryptocurrency’ as a digital currency secured by cryptography and ‘precious metal bullion’ as gold and silver coins, bars, or rounds. The bill aims to encourage investment in these assets by removing the tax liability associated with their sale. This change would affect individuals who own and sell these assets within the state.
Key provisions
- Defines ‘cryptocurrency’ for tax purposes.
- Defines ‘precious metal bullion’ for tax purposes.
- Exempts net capital gains from the sale of gold, silver, and cryptocurrency from West Virginia income tax.
- Applies to gross income calculations for personal income tax.
Who is affected
- Individuals
- Investors in gold, silver, and cryptocurrency
- West Virginia residents
Notable changes
- Introduces a new exemption for capital gains related to gold, silver, and cryptocurrency.
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