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JLARC: precious-metals tax preferences grew sharply; effect on competitiveness unclear
Summary
JLARC told the committee that Washington’s B&O and sales-and-use exemptions for precious metals and monetized bullion rose sharply in reported savings between 2017 and 2023, but the review found unclear effects on competitiveness and urged legislative clarification of objectives and metrics.
A JLARC review presented to the House Finance Committee on Jan. 14 documented a 457% increase in reported savings from precious-metals tax preferences between fiscal 2017 and 2023 and said the Legislature should clarify objectives and metrics for the preferences.
JLARC staff said savings from the business & occupation (B&O) and sales-and-use tax preferences totaled about $28.4 million in fiscal 2023 (up from $5.1 million in 2017), and the two preferences together are estimated to save roughly $165 million over…
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