Bill > SB5894

This bill restores tax exemptions for the sale of precious metals and bullion that were originally established in 1985 and subsequently repealed. The legislation defines "monetized bullion" as coins or money made from gold, silver, or other metals used as a medium of exchange, excluding coins intended to be made into jewelry, and "precious metal bullion" as refined metals like gold, silver, platinum, rhodium, and palladium, where the value is based on content rather than form. Under the bill, wholesale and retail sales of such bullion are exempt from standard taxation. When dealers sell precious metal bullion or monetized bullion, they will only be taxed on commissions received from customer transactions, with no deductions allowed for employee salaries or commissions. The bill applies retroactively to January 1, 2026, and takes effect immediately, with the legislature intending to treat the law as if the previous exemption had never been repealed. The bill is declared an emergency measure, suggesting its immediate implementation is considered crucial for public welfare or governmental operations.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5894&Year=2025&Initiative=false