Precious metal bullion

AN ACT Relating to the taxation of precious metal bullion made of 1
gold and silver and monetized bullion, and providing that the use of 2
bullion as tender is voluntary; amending RCW 82.04.062 and 84.36.070; 3
adding a new chapter to Title 43 RCW; providing an effective date; 4
and declaring an emergency. 5
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:6
NEW SECTION. Sec. 1. The definitions in this section apply 7
throughout this chapter unless the context clearly requires 8
otherwise.9
(1) "Legal tender" means a recognized medium of exchange for 10
payment of debt and taxes. 11
(2) "Monetized bullion" means coin or other forms of money 12
manufactured from gold, silver, or other metals, and is used as a 13
medium of exchange under the laws of this state, the United States, 14
or any foreign nation. "Monetized bullion" includes, but is not 15
limited to, nuggets, bars, sticks, dust, or other forms of processed 16
forms of precious metals. "Monetized bullion" does not include coins 17
or money sold to be manufactured into jewelry or works of art.18
(3) "Precious metal bullion" means gold or silver which has been 19
put through a process of smelting or refining and which is in such a 20
H-2054.1
HOUSE BILL 2069
State of Washington 69th Legislature 2025 Regular Session
By Representative Chase
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state or condition that its value depends upon its content and not 1
upon its form. 2
NEW SECTION. Sec. 2. Washington courts shall require specific 3
performance contract provisions that specifically call for payment in 4
type or form of precious metal bullion made of gold or silver, or 5
monetized bullion.6
NEW SECTION. Sec. 3. Unless specifically provided by law or by 7
contract, a person or legal entity may not compel any other person or 8
legal entity to tender precious metal bullion made of gold or silver, 9
or monetized bullion, or to accept precious metal bullion or 10
monetized bullion as tender.11
NEW SECTION. Sec. 4. The exchange of one type or form of 12
precious metal bullion made of gold or silver, or monetized bullion, 13
for a type or form of legal tender may not give rise to any tax 14
liability, and is subject to the tax provisions of RCW 82.04.062 and 15
84.36.070.16
Sec. 5. RCW 82.04.062 and 1985 c 471 s 5 are each amended to 17
read as follows: 18
(1) For purposes of this chapter, "wholesale sale," "sale at 19
wholesale," "retail sale," and "sale at retail" do not include the 20
sale of precious metal bullion or monetized bullion.21
(2) In computing tax under this chapter on the business of making 22
sales of precious metal bullion or monetized bullion, the tax shall 23
not be imposed on the amounts received as commissions upon 24
transactions for the accounts of customers over and above the amount 25
paid to other dealers associated in such transactions, but ((no)) a 26
deduction or offset is allowed on account of salaries or commissions 27
paid to salesmen or other employees. 28
(3) For purposes of this section, (("precious metal bullion" 29
means any precious metal which has been put through a process of 30
smelting or refining, including, but not limited to, gold, silver, 31
platinum, rhodium, and palladium, and which is in such state or 32
condition that its value depends upon its contents and not upon its 33
form. For purposes of this section, "monetized bullion" means coins 34
or other forms of money manufactured from gold, silver, or other 35
metals and heretofore, now, or hereafter used as a medium of exchange 36
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under the laws of this state, the United States, or any foreign 1
nation, but does not include coins or money sold to be manufactured 2
into jewelry or works of art )) the definitions in section 1 of this 3
act apply. 4
Sec. 6. RCW 84.36.070 and 1997 c 181 s 1 are each amended to 5
read as follows: 6
(1) Intangible personal property is exempt from ad valorem 7
taxation. 8
(2) "Intangible personal property" means: 9
(a) All moneys and credits , including mortgages, notes, accounts, 10
certificates of deposit, tax certificates, judgments, state, county 11
and municipal bonds and warrants and bonds and warrants of other 12
taxing districts, bonds of the United States and of foreign countries 13
or political subdivisions thereof ((and)), the bonds, stocks, or 14
shares of private corporations , or precious metal bullion made of 15
gold or silver, or monetized bullion, as defined in section 1 of this 16
act; 17
(b) Private nongovernmental personal service contracts, private 18
nongovernmental athletic or sports franchises, or private 19
nongovernmental athletic or sports agreements provided that the 20
contracts, franchises, or agreements do not pertain to the use or 21
possession of tangible personal or real property or to any interest 22
in tangible personal or real property; and 23
(c) Other intangible personal property such as trademarks, trade 24
names, brand names, patents, copyrights, trade secrets, franchise 25
agreements, licenses, permits, core deposits of financial 26
institutions, noncompete agreements, customer lists, patient lists, 27
favorable contracts, favorable financing agreements, reputation, 28
exceptional management, prestige, good name, or integrity of a 29
business. 30
(3) "Intangible personal property" does not include zoning, 31
location, view, geographic features, easements, covenants, proximity 32
to raw materials, condition of surrounding property, proximity to 33
markets, the availability of a skilled workforce, and other 34
characteristics or attributes of property. 35
(4) This section does not preclude the use of, or permit a 36
departure from, generally accepted appraisal practices and the 37
appropriate application thereof in the valuation of real and tangible 38
personal property, including the appropriate consideration of 39
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licenses, permits, and franchises granted by a government agency that 1
affect the use of the property. 2
NEW SECTION. Sec. 7. This act may be known and cited as the 3
Washington state sound money act.4
NEW SECTION. Sec. 8. Sections 1 through 4 and 7 of this act 5
constitute a new chapter in Title 43 RCW.6
NEW SECTION. Sec. 9. This act is necessary for the immediate 7
preservation of the public peace, health, or safety, or support of 8
the state government and its existing public institutions, and takes 9
effect July 1, 2025.10
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