Rules of Gold in Nebraska

Nebraska fully exempts currency and bullion from state sales and use tax. Neb. Rev. Stat. §77-2704.66 provides that "sales and use taxes shall not be imposed on the gross receipts from the sale, lease, or rental of and the storage, use, or other consumption in this state of currency or bullion." "Bullion" is defined as "coins, bars, ingots, notes, leaf, foil, film, or commemorative medallions of gold, silver, platinum, or palladium, or a combination of these, for which the value depends primarily on its content and not the form." "Currency" is defined as "a coin or currency made of gold, silver, or other metal or paper which is or has been used as legal tender." The exemption applies to all four major precious metals (Au/Ag/Pt/Pd) at any quantity, with no transaction threshold. Copper products and accessory items remain taxable.

Nebraska repealed its state-level capital gains tax on the sale of gold and silver bullion via LB 1317 (2024), signed by Governor Jim Pillen on April 23, 2024 and effective for tax year 2025 (transactions on or after January 1, 2025). The mechanism is a federal-AGI subtraction: any net capital gain from the sale or exchange of gold or silver bullion (as defined in §77-2704.66) is subtracted from federal AGI in computing Nebraska taxable income; conversely, any net capital loss must be added back. LB 1317 passed the Nebraska unicameral 49–0. Because Nebraska otherwise treats all capital gains as ordinary income (no separate cap-gains rate), the LB 1317 exemption fully removes bullion gains from state income-tax exposure. Background income-tax rates (still applicable to non-bullion capital gains): 4-bracket schedule for 2025 — 2.46% / 3.51% / 5.01% / 5.20%, with the 5.20% top rate kicking in at $38,870 single / $77,730 MFJ. Under LB 754 (2023), the top rate is scheduled to step down to 4.55% (2026) and 3.99% (2027 and beyond, flat).