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Nebraska (NE) offers one of the most comprehensive tax environments for precious metals investors in the United States. The state exempts qualifying bullion from sales tax and has also eliminated state capital gains tax on the sale of gold and silver bullion — making it one of a select group of states providing relief on both purchase taxes and investment gains.
Precious metals such as gold and silver are classified as collectibles under U.S. federal tax law. Profits realized when selling investment metals may therefore be subject to federal capital gains tax, with a maximum rate of 28%, depending on income level and holding period.
Capital gains tax generally applies when metals are sold for fiat currency or exchanged for goods and services. No tax is due simply for purchasing or holding bullion.
Under LB 1317, signed by Governor Jim Pillen in April 2024, any gains or losses on precious metal sales reported on federal income tax returns are backed out, removing them from the calculation of a Nebraska taxpayer's adjusted gross income. This means precious metals gains are exempt from Nebraska state income tax. For all other capital gains, Nebraska taxes them as ordinary income at progressive rates ranging from 2.46% to 5.20%.
Nebraska exempts qualifying precious metals from state sales and use tax. The exemption was originally enacted through LB 867 (2014) and was expanded by LB 1317 (2024).
Under the current law (Neb. Rev. Stat. § 77-2704.66), 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. Nebraska Legislature Currency (coins or paper money previously used as legal tender) is also exempt.
The 2025 expansion is significant: it added notes, leaf, foil, and film to the covered forms of bullion, broadening the exemption beyond just bars, ingots, and coins. There is no minimum threshold, no purity requirement, and no distinction between coin and bar form.
Items that remain taxable include jewelry and decorative items incorporating precious metals, and processed goods whose value is based primarily on craftsmanship rather than metal content.
Nebraska's statewide sales tax rate is 5.5%, with local jurisdictions adding up to an additional 2% in some cities. Qualifying precious metals purchases are exempt from both state and local sales taxes.
Nebraska is now one of the most favorable states in the country for precious metals investors. Combining a broad sales tax exemption (covering gold, silver, platinum, and palladium in bars, coins, and most other forms) with the elimination of state capital gains tax on precious metals sales, Nebraska removes both the purchase-time and sale-time state tax burdens that investors in many other states face.
Investors remain subject to federal capital gains tax when selling precious metals at a profit. Nebraska's state income tax (2.46%–5.20%) continues to apply to other types of income.