Montgomery, AL — Alabama Governor Kay Ivey today signed Senate Bill 297, a landmark piece of legislation that exempts all income taxes on capital gains from the sale of gold and silver. This pivotal move marks an important advancement in Alabama’s commitment to reinforcing sound money principles.
By signing this bill into law, Alabama joins a growing cohort of states that are prioritizing the protection of their citizens against the adverse effects of inflation, currency debasement, and the escalating federal debt. With the enactment of this legislation, Alabama becomes the 13th state in the nation to eliminate capital gains taxes on sales of gold and silver.
Under the provisions of the new law, any profits or losses derived from the sale of precious metals, as reported on federal tax returns, will be excluded from the calculation of an Alabama taxpayer’s adjusted gross income (AGI). This effectively shields individuals from punitive taxation on transactions involving these constitutional forms of currency.
Governor Ivey emphasized the importance of this legislation in her signing statement: “By removing income taxes on capital gains from the sale of gold and silver, we are taking a crucial step to protect Alabamians from the economic uncertainties posed by inflation and federal monetary policies. This measure will empower our citizens to safeguard their wealth and ensure greater financial stability for the future.”