Precious metals tax exempt.

AN ACT Relating to restoring the 1985 tax exemptions for the sale 1
of precious metals and bullion; adding a new section to chapter 82.04 2
RCW; creating new sections; and declaring an emergency.3
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:4
NEW SECTION. Sec. 1. In enacting this act, the legislature 5
intends to reenact and restore former RCW 82.04.062 as originally 6
enacted in 1985, notwithstanding its repeal by section 105, chapter 7
423, Laws of 2025. The legislature intends section 2 of this act to 8
apply as though RCW 82.04.062 had never been repealed.9
NEW SECTION. Sec. 2. A new section is added to chapter 82.04 10
RCW to read as follows: 11
(1) For purposes of this chapter, "wholesale sale," "sale at 12
wholesale," "retail sale," and "sale at retail" do not include the 13
sale of precious metal bullion or monetized bullion.14
(2) In computing tax under this chapter on the business of making 15
sales of precious metal bullion or monetized bullion, the tax must be 16
imposed on the amounts received as commissions upon transactions for 17
the accounts of customers over and above the amount paid to other 18
dealers associated in such transactions, but no deduction or offset 19
S-3626.1
SENATE BILL 5894
State of Washington 69th Legislature 2026 Regular Session
By Senators Riccelli, Gildon, Christian, Dhingra, Dozier,
Krishnadasan, Liias, and Nobles
Prefiled 12/16/25. Read first time 01/12/26. Referred to Committee
on Ways & Means.
p. 1 SB 5894
is allowed on account of salaries or commissions paid to salesmen or 1
other employees. 2
(3) For purposes of this section: 3
(a) "Monetized bullion" means coins or other forms of money 4
manufactured from gold, silver, or other metals and heretofore, now, 5
or hereafter used as a medium of exchange under the laws of this 6
state, the United States, or any foreign nation, but does not include 7
coins or money sold to be manufactured into jewelry or works of art.8
(b) "Precious metal bullion" means any precious metal which has 9
been put through a process of smelting or refining including, but not 10
limited to, gold, silver, platinum, rhodium, and palladium, and which 11
is in such state or condition that its value depends upon its 12
contents and not upon its form. 13
NEW SECTION. Sec. 3. RCW 82.32.805 and 82.32.808 do not apply 14
to this act.15
NEW SECTION. Sec. 4. This act applies retroactively to January 16
1, 2026, as well as prospectively.17
NEW SECTION. Sec. 5. This act is necessary for the immediate 18
preservation of the public peace, health, or safety, or support of 19
the state government and its existing public institutions, and takes 20
effect immediately.21
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p. 2 SB 5894