As of January 1, 2026, Washington will consider sales of precious metal and monetized bullion to be tangible personal property for both sales tax and business and occupation (B&O) tax. These items had been excluded from the definition of a wholesale or retail trade previously.
If the bullion is sold at retail, gross income from the sale is subject to B&O tax at the retailing rate, and the seller must collect and remit sales tax. For wholesale sales, buyers will need to provide a valid reseller permit to purchase without sales tax, and the gross income from the sale will be subject to the wholesale rate for B&O tax. However, if the bullion is being sold for other purposes, such as jewelry making or as part of a commission, sellers will charge the appropriate rate (wholesale or retail) based on the nature of the sale.
Washington businesses who deal in bullion will need to prepare for this change and ensure they are prepared to collect and remit the necessary taxes and documentation. If taxpayers are selling bullion for multiple uses, they will also want to ensure they have a method for tracking which sales should be assessed at which rate. (Washington Department of Revenue publications “Sales of Precious Metal Bullion and Monetized Bullion Now Subject to B&O Tax and Retail Sales Tax” and “Currency, Coins and Precious Metal Bullion”, accessed through https://dor.wa.gov/education/industry-guides/jewelry-stores/currency-coins-and-precious-metal-bullion; ESSB 5794, Chapter 423, 2025 Law, effective January 1, 2026)