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Senate finance committee rejects bullion capital-gains exemption after technical amendment
Summary
The Senate Finance and Taxation Committee on Monday recommended a do‑not‑pass on House Bill 13‑79, which would have changed North Dakota’s tax treatment of capital gains on gold and silver bullion, after adopting a technical amendment and debate over oversight and who would benefit.
The Senate Finance and Taxation Committee on Monday closed the hearing and recommended a do‑not‑pass on House Bill 13‑79, a proposal to change how North Dakota taxes capital gains on gold and silver bullion.
Representative Johnston, sponsor of the bill, told the committee HB 13‑79 would let North Dakota follow 13 other states that have changed their rules for bullion and that the bill “completely back[s] out gains and losses, making the bill completely tax neutral.” He said the bill is intended to make bullion transactions tax neutral in any given year and argued it could protect savers against inflation and national debt concerns.
The bill drew support…
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