Bill > HB2115

This bill restores tax exemptions for the sale of precious metals and bullion that were originally established in 1985, effectively reversing a previous repeal. The legislation defines "wholesale sale" and "retail sale" to explicitly exclude sales of precious metal bullion and monetized bullion, meaning these types of transactions will not be subject to standard sales tax. The bill provides specific definitions for "monetized bullion" (coins or money used as a medium of exchange) and "precious metal bullion" (refined metals like gold, silver, platinum, etc., whose value depends on content rather than form). When calculating taxes on bullion sales, the state will only tax the commissions received by dealers from transactions, without allowing deductions for employee salaries or commissions. The bill applies retroactively to January 1, 2026, and is considered an emergency measure, taking effect immediately upon passage. By reestablishing the 1985 tax exemption, the bill aims to provide tax relief for precious metal and bullion transactions in Washington state.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=2115&Year=2025&Initiative=false