Alaska Enacts Law Eliminating Local Taxes on Gold and Silver Specie Transactions

Alaska has enacted new legislation recognizing gold and silver specie as legal tender and eliminating local sales and use taxes on precious-metals transactions across the state’s cities and boroughs. The legislation also directs Alaska’s Legislative Budget and Audit Committee to study the potential for accepting specie for the payment of debts, taxes, and other public charges.

House Bill 1 became law without Governor Mike Dunleavy’s signature on May 29, 2026, and has been officially assigned as Chapter 6, Session Laws of Alaska 2026. The legislation takes effect on August 28, 2026, following Alaska’s automatic enactment process.

Sponsored by Representative Kevin McCabe and Senator Mike Cronk, the legislation removes local taxation on gold and silver specie and reaffirms the role of precious metals as lawful money under the US and Alaska constitutions. The new law is expected to benefit coin collectors, bullion dealers, investors, and precious-metals businesses throughout Alaska by reducing transaction costs and eliminating inconsistent local tax treatments.

Although Alaska is one of only five states without a statewide sales tax, municipalities and boroughs may impose local sales and use taxes. The new law ensures that those local taxes no longer apply to the precious-metal content of gold and silver specie transactions. Supporters say the measure improves market consistency for dealers and collectors while helping keep Alaska competitive with other states that have adopted similar exemptions.

“With the enactment of HB 1, Alaska collectors and precious-metals buyers will no longer face local taxes simply for purchasing or exchanging gold and silver,” said NCBA executive director David Crenshaw. “This is an important step toward treating precious metals as money rather than as taxable commodities.”

The effort followed more than a year of advocacy and coordination among Alaska supporters, legislators, and national precious-metals organizations. The bill advanced with bipartisan support and no fiscal impact on the state budget. Alaska now joins 45 states that provide complete or partial sales-tax exemptions on coins and precious-metals bullion.

Collectors, dealers, and investors interested in learning more about the law or future precious-metals legislation are encouraged to contact NCBA at ncba@ncbassoc.org.