On March 19, 2024, the Iowa House passed House Bill 2626 (HF2626) with a 63-32 vote, aiming to eliminate state capital gains taxes on gold and silver bullion and coins. This legislation defines "bullion" as bars, ingots, or medallions of precious metals where value depends on content, and "coins" or "currency" as legal tender made of metal or paper. Iowa already exempts these items from sales tax; HF2626 would further remove income taxes on their sale or use in transactions. This move seeks to reduce barriers to using gold and silver in everyday transactions, challenging the Federal Reserve's monetary monopoly. The bill now advances to the Senate for further consideration.
Update: HF2626 died in committee