The Idaho State House today overwhelming approved a bill which excludes gains or losses on the sale of precious metals, coins, and bullion from an Idaho taxpayer's taxable income.
State representatives voted 60-9 to pass House Bill 449 sending the measure introduced by House Majority Leader Mike Moyle and Senate Assistant Majority Leader Steve Vick to the Senate for a hearing in the Local Government and Taxation Committee.
“Gold and silver are the only money mentioned in the U.S. Constitution, and they should not be subject to tax,” said Stefan Gleason, President of Money Metals Exchange, an Idaho-based national precious metals dealer. Under HB 449, all gains and losses upon the sale of physical precious metals which are reported on a taxpayer’s federal income tax return would be removed from the calculation of the taxpayer’s Idaho taxable income.
Utah and Arizona already have similar measures to remove income taxes from the monetary metals. Legislators in Wyoming, Kansas, Tennessee, and Alabama are working to exempt precious metals from sales and use taxes – just like Idaho and over 35 other states have already done.
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