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Posted on 06/05/2025 3:12:45 PM PDT by algore
The decision, finalized during the closing days of the 2025 legislative session, is expected to have wide-reaching impacts on collectors, investors, and coin dealers throughout the state and beyond.
The tax exemption repeal is part of Engrossed Substitute Senate Bill 5794 (ESSB 5794), a broader revenue package aimed at adopting recommendations from the 2024 tax preference review process, eliminating obsolete tax preferences, clarifying legislative intent, and addressing changes in constitutional law. The repeal is set to take effect on October 1, 2025.
The National Coin & Bullion Association (NCBA), which has championed the tax exemption since its inception, expressed deep disappointment at the decision. “Despite months of grassroots efforts, testimony, and dialogue with lawmakers, the legislature moved forward with a repeal that threatens not only the vibrancy of Washington’s numismatic and precious-metals market but also the economic competitiveness of the state,” said NCBA executive director David Crenshaw.
Washington had long stood among the growing list of states that recognize the unique value and investment stability of coins and precious metals by exempting them from sales taxes. The repeal positions the state as less favorable to coin and bullion buyers, who may now look to neighboring states with more supportive policies.
“The numismatic community should not be underestimated,” said Dan Duncan, a longtime Washington coin dealer and NCBA board member. “The sales-tax exemption for precious-metal bullion and monetized bullion supports local businesses, protects consumers, and promotes economic activity. This policy change ignores all of that.”
The repeal of the sales-tax exemption comes amid a broader effort by Washington state lawmakers to address a significant budget shortfall. According to nonpartisan auditors at the Joint Legislative Audit & Review Committee (JLARC), during this session the legislature repealed 20 tax exemptions where the public policy objective was not met, was unclear, or the exemption had become legally obsolete. NCBA notes that while fiscal concerns may have driven these decisions, the elimination of the exemption for retail sales of precious-metal bullion and monetized bullion disproportionately affects local dealers and investors, undermining an industry that brings jobs and economic activity to Washington.
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I wonder if there is an exception for the us govt mint if legal tender is taxed for exchanging other legal tender for it somehow just seems strange.
Maybe it is just like a tariff, if I want to buy some euros, maybe I should have to pay both state and federal tax on that transaction. Same with Canada dollars and Chinese yuan or whatever, probably far better than tariff cause everything is factored into the exchange rate.
Know your jurisdiction.
Lol. Watch the sales of these items fall to zero.
Washington State taxation is hurting investment activities. It is driving investors out of the state who will increase tax revenue from retail sales and property sales.
The Dem’s just want more money to spend.
They cannot resist any opportunity to tax in this state.
Our gas is still around $4.50 a gallon.
There is a recall petition going around for the China puppet governor though.
Even Washington property taxes are ridiculous. And city taxes. My daughter went down to City Hall where very nice man told her he could no longer afford to live here. She can, but taxes on a nice but relatively small house on a small lot are far higher than on her far larger house on ten acres in Idaho.
I’m all for it. I want the voters to get what they voted for - it’s only fair.
100%. The business community should not override the wishes of the voters.
I live in Tacoma, WA, where the sales tax is 10%+.
I have a second home South of Portland, Oregon, that I rent to the kids, where the sales tax is 0%. I visit regularly to work on the property.
Guess where all my major purchases and Amazon shipments go?
Soon there will be ‘sales tax’ on cashing a $100 dollar bill.
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