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JLARC: Precious‑metals tax preferences grew sharply; competitiveness effect unclear
Summary
JLARC told the committee that sales-and-use and B&O tax preferences for precious metals and monetized bullion produced a large increase in reported savings from 2017 to 2023 but that the Legislature did not specify an objective when enacting the preferences, leaving their impact on competitiveness uncertain.
The Joint Legislative Audit and Review Committee presented its 2024 review of two tax preferences for precious metals and monetized bullion to the House Finance Committee on Jan. 14.
JLARC staff reported beneficiary savings rose from about $5.1 million in 2017 to $28.4 million in fiscal 2023 (a 457 percent increase). Across the review period, reported savings from the two…
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