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Hearing held on bill to exclude bullion capital gains; tax department requests clarifying language
Summary
Representative Johnston introduced House Bill 1379 proposing to exclude capital gains from sales of bullion from state income tax; supporters argued it would encourage local depositories and the tax department sought clearer drafting on gains versus losses.
House Bill 1379, introduced by Representative Dan Johnston, would change North Dakota law to exclude capital gains from certain bullion transactions from the state's income tax base. Johnston told the House Finance and Taxation Committee the bill would "back out gains and losses" for qualified bullion sales and called the approach tax-neutral because losses would…
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