This bill adds a new section to chapter 82.04 RCW creating a specific tax treatment for sales of precious metal bullion and monetized bullion. It states that the ordinary terms "wholesale sale," "sale at wholesale," "retail sale," and "sale at retail" do not include those sales. The bill imposes a tax on the business of making such sales measured by amounts received as commissions on transactions for customers, but only to the extent those commissions exceed amounts paid to other dealers associated with the transactions. It also provides that no deduction or offset may be taken for salaries or commissions paid to salesmen or other employees when computing that tax. The bill defines "monetized bullion" and "precious metal bullion," specifies that RCW 82.32.805 and 82.32.808 do not apply to the act, and sets the effective date as July 1, 2026. Legally, this is a new statutory provision in the state sales tax chapter that changes tax classification and the method of computing tax for certain bullion transactions. It creates a new tax computation rule and a procedural limit on allowable deductions; it does not, in the provided facts, amend existing sentences elsewhere in chapter 82.04 RCW but adds a new section. Sellers and dealers of precious metal and monetized bullion and their sales staff are the primary entities affected. The extracted material does not show how the new section integrates with the rest of chapter 82.04 RCW, does not provide the text or practical effect of RCW 82.32.805 and 82.32.808 (other than they do not apply), and omits operational details such as precise calculation, reporting, or enforcement procedures. The bill’s title references "reinstating the tax exemptions" but the facts provided do not include the prior law or the exemptions' prior status.

If enacted, sales of precious metal bullion and monetized bullion would no longer be treated as wholesale or retail sales for purposes of chapter 82.04 RCW; instead businesses that make those sales would owe a tax computed on the commissions they receive from customer transactions, only on amounts above what they pay to other dealers. This takes effect July 1, 2026 and directly affects sellers and dealers of bullion and their sales staff; employee salaries and commissions cannot be deducted or offset when computing that commission-based tax. Practically, dealers who act as brokers or earn commissions could see their tax base shift from the gross sale price to net commission income (reduced when payments are passed to other dealers), which may lower tax in some arrangements, while dealers with salaried or commissioned salespeople face higher taxable income because those payroll costs are not deductible. The bill also says two existing RCW sections do not apply, but because the text of chapter 82.04 and those cited sections are not included here, it is unclear how this new tax regime will interact with current sales tax rules or how the commission tax must be calculated and reported in practice.