Precious metals tax to hit Washington businesses
KOMO••business
Key Points:
- Starting January 1, Washington state will lift a 40-year exemption on sales tax for precious metals and coins, imposing a 10.3% tax plus the Business and Occupation Tax on items like gold, silver, platinum, and rhodium.
- Some Western Washington businesses, including Washington Gold Exchange, plan to relocate to neighboring states like Idaho to avoid the new tax, fearing loss of customers who will shop out of state.
- Lawmakers expect the tax change to generate up to $34 million in revenue biennially, but local dealers warn it could reduce coin shows, events, and overall business, potentially harming the state's economy.
- Dealers such as Redmond Rare Coins, operating on thin margins, say the tax increase is unfair
