Idaho, USA has become the 14th state to eliminate state income taxes on silver and other precious metals.
The bill, signed into law in March by Governor Brad Little, was part of a $253 million tax cut that lowered the overall rate from 5.695% to 5.3% and included the precious metals exemption.
For purposes of taxation, precious metals are investment-grade precious metals like silver, gold, platinum, and palladium in the form of coins or bars that meet certain purity standards.
Idaho currently has a sales tax exemption on purchases of precious metals, but this new law extends the savings to income tax connected with precious metals sales. Separately, later in the same month, Gov. Little signed the Idaho Constitutional Money Act of 2025, reaffirming silver and gold as legal tender.
Economically, Idaho occupies a middle position among the states in terms of industrial development. Industrial expansion replaced dependence on agriculture, lumbering, and mining in the 20th century, when Idaho also emerged as one of the top states in tourist income.
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