This bill proposes the addition of a new section, 11-21-80, to the Code of West Virginia, specifically addressing personal income tax. The primary aim of the bill is to exempt net capital gains derived from the exchange of precious metal bullion, which includes gold and silver, as well as cryptocurrency, from income tax. The bill defines "cryptocurrency" as a digital currency verified through a decentralized system and "precious metal bullion" as coins, bars, or rounds primarily made of refined gold and silver, valued by their weight and purity.

By enacting this legislation, West Virginia would not tax the capital gains from transactions involving these assets, potentially encouraging investment in gold, silver, and cryptocurrencies within the state. The bill seeks to provide clarity on the definitions of these terms and explicitly states that gross income will not include the specified net capital gains, thereby promoting a more favorable tax environment for individuals engaging in these types of investments.

Statutes affected:
Introduced Version: 11-21-80