Washington Coin Association urges repeal of sales tax policy on precious metals

The House Finance Committee meeting on April 21, 2025, focused on the implications of proposed tax changes on the coin and precious metals industry in Washington State. Key discussions highlighted concerns from industry representatives about the potential negative impact of adding sales tax to precious metals transactions.

Craig Ryan, a member of the Washington Coin and Bullion Association, expressed strong opposition to the proposed tax changes, citing previous attempts in 2010 and 2019 that led to significant industry losses. He warned that imposing sales tax and business and occupation (B&O) tax could drive businesses out of the state, resulting in a disservice to both the industry and consumers who rely on their services.

Ryan emphasized the risks associated with a potential black market emerging if consumers are forced to seek alternatives outside of regulated businesses. He pointed out that the industry already faces challenges with fraud and counterfeit products, and a lack of trusted retailers could exacerbate these issues.

The committee also heard from other industry representatives, including Glenn Simicek, who joined the discussion to provide further insights into the economic ramifications of the proposed tax policies.

Overall, the meeting underscored the ongoing debate over tax policy and its potential effects on local businesses, with industry leaders advocating for the preservation of the current tax exemption on precious metals to maintain a stable and secure market for consumers. The committee's next steps will likely involve further deliberation on the proposed changes and their implications for the state's economy.