Bill > HB2093

This bill reinstates tax exemptions for the sale of precious metals and bullion by modifying the existing state tax code. Specifically, the bill defines "wholesale sale" and "retail sale" to exclude sales of precious metal bullion or monetized bullion, effectively creating a tax exemption for these transactions. The bill provides detailed definitions for "monetized bullion" (coins or money used as a medium of exchange) and "precious metal bullion" (refined metals like gold, silver, and platinum valued primarily for their content). For transactions involving these metals, businesses will only be taxed on commissions received from customer transactions, with no deductions allowed for employee salaries or commissions. The tax exemption will take effect on July 1, 2026, and the bill includes a provision that exempts it from certain standard legislative review requirements. This legislation appears aimed at providing a tax advantage for dealers and investors in precious metals by removing sales tax from these types of transactions.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=2093&Year=2025&Initiative=false