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Idaho House votes not to tax income from gold and silver sales

Section: Daily Dispatches

By Camie Yngelmo
KXLY-TV4, Spokane, Washington
Monday, February 12, 2018

The Idaho State House today overwhelming approved a bill that 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.

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"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 that are reported on a taxpayer's federal income tax return would be removed from the calculation of the taxpayer's Idaho taxable income.

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