Rules of Gold in Montana

Montana has no state sales tax — one of five US states (alongside Alaska, Delaware, New Hampshire, and Oregon) without a general sales tax. Therefore no state-level sales tax applies to precious metals or any other goods. Caveat: Some Montana communities (notably resort towns) impose a local "resort tax" of up to 3% on certain goods and services under MCA Title 7, Chapter 6, Part 15; bullion treatment under these local resort taxes varies by jurisdiction and may apply.

Montana has not enacted a statute recognizing gold or silver coin or specie as legal tender. HB 382 (2025, "Specie Legal Tender Act") — which would have recognized US-government-issued gold/silver coin as legal tender for public and private debts, exempted exchange transactions from individual income tax and any sales tax, and explicitly excluded central bank digital currencies — was introduced February 3, 2025; advanced from committee February 17; and failed in the Montana House on May 20, 2025. Earlier vehicles (LC 3983 / HB 620 / HB 884 in 2023) also did not pass. Montana remains absent from the legal-tender state list as of 2026.

Montana taxes net long-term capital gains at a separate two-bracket schedule distinct from ordinary income: 3.0% on the first $95,000 (less nonqualified taxable income) and 4.1% above that threshold. Short-term capital gains are taxed as ordinary income but receive a 30% capital gains tax credit, which directly reduces Montana tax liability. Ordinary income tax brackets for 2025 are 4.7% and 5.9%. There is no precious-metals-specific carve-out. Capital gains on physical gold and silver are taxed at the long-term capital-gains schedule for assets held over one year, or at ordinary-income rates (with 30% credit) for short-term.

Montana has not enacted enabling legislation for a state-administered bullion depository. The 2025 Specie Legal Tender Act (HB 382) included provisions for the State Treasurer to authorize specie use for state and local taxes and publish exchange rates — depository-adjacent but not full depository authorization — and that bill failed.

The Montana State Treasurer does not hold physical gold or silver as a reserve asset. The Montana Board of Investments (BOI), which oversees state investment activity, does not hold physical precious metals.

Montana's public pension landscape consists of the Montana Teachers' Retirement System (MTRS) and seven pension fund systems administered by the Montana Public Employees Retirement Administration (MPERA). The Montana Board of Investments (BOI) oversees investment of these pension assets under a standard institutional asset allocation across public equities, fixed income, alternatives, and real estate. No precious-metals or commodities line item is disclosed.