Illinois

Illinois’s Gold & Silver Bullion Tax Laws

The state of Illinois doesn’t levy taxes on the sale of gold, silver, and platinum bullion but it taxes capital gains. Illinois residents also pay United States federal capital gains taxes.

State Information

• Illinois is a state in the Midwestern region of the United States and is bordered by Missouri, Iowa, Wisconsin, Lake Michigan, Indiana, and Kentucky.
• In 1818, Illinois became the 21st state in the United States.
• The capital of Illinois is Springfield. Other cities include Chicago, Aurora, Joliet, Naperville, Rockford, Elgin, and Peoria.
• Illinois had a population of 12,812,508 in 2020.
• Illinois’s real gross domestic product (GDP) was $875.57 billion in 2023, while the median household income was $65,030 in 2020.
• Illinois’s economy is based primarily on finance, insurance, real estate, professional and business services, manufacturing, government and government enterprises, education, healthcare, wholesale trade, information, and retail trade.

Economic and Personal Freedom Information

• Illinois ranks #34 on the Sound Money Index that ranks states based on their friendliness toward gold and silver bullion.
• According to the Freedom in the 50 States report, Illinois ranks #39 in overall freedom, #39 in economic freedom, and #18 in personal freedom.
• Illinois ranks #48 on the Rich States, Poor States index, which evaluates states based on economic competitiveness by considering tax and regulatory burdens, as well as labor policies.