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ND HB1379

Bill

Official Source

Status

Engrossed

2/7/2025

Primary Sponsor

Daniel Johnston

Click for details

Origin

House of Representatives

69th Legislative Assembly

AI Summary

  • Eliminates North Dakota state income tax on capital gains from the sale of gold and silver legal tender coins and bullion for individual taxpayers
  • Provides the same capital gains tax exemption for corporate income tax on qualifying gold and silver sales
  • Defines "bullion" as precious metal refined to at least 99.9% purity (999 parts per thousand) whose value depends on metal content rather than form
  • Allows net capital losses from bullion sales to increase taxable income adjustments, maintaining tax symmetry
  • Effective for taxable years beginning after December 31, 2024

Legislative Description

A personal and corporate income tax adjustment for capital gains from the sale of bullion; and to provide an effective date.

Last Action

Second reading, failed to pass, yeas 16 nays 31

3/11/2025

Committee Referrals

Finance and Taxation2/13/2025
Finance and Taxation1/13/2025

Full Bill Text

No bill text available