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JLARC finds growing tax savings from precious-metals preferences; effect on competitiveness unclear
Summary
JLARC reported that business-and-occupation and sales-and-use tax preferences for precious metals and monetized bullion produced sharply higher reported savings but the auditor could not determine whether the preferences improve Washington businesses’ competitiveness, especially for online sales.
The Joint Legislative Audit and Review Committee told House Finance Jan. 14 that Washington’s sales-and-use and business-and-occupation (B&O) tax preferences for precious metals and monetized bullion produced substantially higher beneficiary savings between 2017 and 2023, but the impact on competitiveness is unclear.
JLARC staff said the preferences—which date back to 1985—saved about $28.4 million in fiscal-year 2023 alone, a 457% increase from $5.1 million in 2017. Over a seven-year period the preferences reduced tax…
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