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JLARC: Sales- and B&O-tax preferences for precious metals grew sharply; effect on competitiveness unclear
Summary
JLARC reported a 457% increase in reported savings from sales- and B&O-tax preferences for precious metals and monetized bullion between 2017 and 2023, but said the Legislature did not state a clear objective when it enacted the preferences and their effect on competitiveness is unclear.
Pete Van Moorsil, JLARC staff, presented the committee with findings from JLARC’s 2024 review of two tax preferences that apply to precious metals and monetized bullion: a business-and-occupation (B&O) tax exclusion and a sales-and-use tax exclusion. These preferences date to 1985 and do not include an explicit legislative performance objective in the statutes.
JLARC reported that combined beneficiary savings from the preferences were about $28,400,000 in fiscal 2023—up 457% from $5,100,000 in 2017. Over seven years the cumulative reported savings were about…
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