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Committee advances House Bill 40 to cut income taxes, expand military retirement exemption and exclude bullion gains
Summary
The Senate Local Government and Taxation Committee voted to advance House Bill 40 after Representative Mike Monks outlined a package that removes capital‑gains taxation on gold and silver, expands certain military retirement exemptions and lowers income tax rates, with a static fiscal‑note estimate of roughly $240 million in reduced revenue.
Representative Mike Monks told the Senate Local Government and Taxation Committee that House Bill 40 contains three main provisions: eliminate capital-gains treatment for gold and silver bullion, expand an income-tax exemption for certain military retirement payments, and change a set of income-tax rate numbers.
Monks, presenting the measure, said the bill "does 3 things" and defended the bullion provision by arguing that "gold and silver ... is nothing more than money" and should not be treated like capital‑gain property for tax purposes. He told the committee, "If you look at the language of the bill, all it does is change a couple numbers," and called the package the "largest income tax cut in Idaho's history." (Representative Mike Monks, presentation.)
The bill’s fiscal note included a static estimate of about $240,000,000 in reduced income-tax revenue. Monks and others argued the…
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