SB 926
Eliminating capital gains tax on certain precious metals
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to eliminate the capital gains tax on certain precious metal bullion in West Virginia. Specifically, it aims to exclude funds derived from the exchange or sale of gold, silver, platinum, and palladium coins, bars, or rounds from a resident’s adjusted gross income. The bill modifies existing sections of the West Virginia Code to align with federal tax rules regarding income exclusions and deductions.
Key provisions
- Excludes funds from the exchange or sale of precious metal bullion from West Virginia adjusted gross income.
- Modifies existing sections of the West Virginia Code to align with federal income tax rules.
- Includes provisions for modifications related to interest income, dividends, deductions, and credits as outlined in the federal tax code.
- Addresses modifications for retirement income, social security benefits, and lump-sum distributions.
- Specifies effective dates for various changes to the tax code.
Who is affected
- West Virginia residents
- Individuals involved in the buying and selling of precious metal bullion
- Taxpayers subject to West Virginia income tax
- Financial institutions dealing with precious metal transactions
Notable changes
- Eliminates capital gains tax on precious metal bullion.
- Updates modifications to federal adjusted gross income based on changes in the federal tax code.
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