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JLARC: Precious-metals and monetized-bullion tax preferences grew but competitiveness effect is unclear
Summary
JLARC reported that sales-and-use and B&O tax preferences for precious metals and monetized bullion produced rising savings for beneficiaries between 2017 and 2023, but auditors said the legislature did not define an objective when the preferences were enacted and recommended clarifying goals before extending them.
The Joint Legislative Audit and Review Committee reported to the House Finance Committee that Washington’s business-and-occupation and sales-and-use tax preferences for precious metals and monetized bullion generated rising savings for beneficiaries but that the policy objective was not stated in statute and the preferences’ competitive effect is unclear.
JLARC staff said both preferences date to 1985, and the auditor inferred the original intent was to treat sales of precious metals similarly to other investment sales so Washington sellers would be competitive with out-of-state sellers. Between fiscal 2017 and 2023 reported savings…
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