HF2626 amends Iowa’s tax code to exclude capital gains from the sale of bullion, coins, or currency from an individual’s taxable income, while including any capital losses from such sales. Bullion is defined as gold, silver, platinum, or palladium bars or medallions valued based on their metal content. Coins or currency refer to those made of metal or paper used as legal tender.
The Iowa State House of Representatives passed HF2626 on March 19, 2024 by a vote of 64 to 30. We have assigned pluses to the ayes because this bill is an important step toward restoring constitutional money and returning to the gold standard in compliance with Article I, Section 10 of the U.S. Constitution.