H-1343              _______________________________________________

                                                    HOUSE BILL NO. 950

                        _______________________________________________

State of Washington                              49th Legislature                              1985 Regular Session

By Representatives Tanner, Miller, Ebersole, Appelwick, Tilly, P. King, Lewis, Zellinsky, Dobbs, Haugen, Prince, Gallagher, Basich, Isaacson, Fisch, Smitherman, West, Sanders, Hastings, Todd, Holland, Bond, J. Williams, Long, Hankins and Van Luven

Read first time 2/8/85 and referred to Committee on Ways & Means.

AN ACT Relating to business and occupation taxation; and adding a new section to chapter 82.04 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 82.04 RCW to read as follows:

          For purposes of this chapter, "retail sale" and "sale at retail" does not include the sale of precious metal bullion or monetized bullion.  For purposes of this section, "precious metal bullion" means any elementary precious metal which has been put through a process of smelting or refining, including, but not limited to, gold, silver, platinum, rhodium, and palladium, and which is in such state or condition that its value depends upon its contents and not upon its form.  For purposes of this section, "monetized bullion" means coins or other forms of money manufactured from gold, silver, or other metals and heretofore, now, or hereafter used as a medium of exchange under the laws of this state, the United States, or any foreign nation, but does not include coins or money sold to be manufactured into jewelry or works of art.