S-122                 _______________________________________________

 

                                                   SENATE BILL NO. 3315

                        _______________________________________________

 

State of Washington                              49th Legislature                              1985 Regular Session

 

By Senators Moore, Sellar, Vognild, Pullen, Hansen, Warnke, Bluechel, Johnson, Owen, Gaspard, McCaslin, McManus, Conner, Deccio and Lee

 

 

Read first time 1/24/85 and referred to Committee on Ways and Means.

 

 


AN ACT Relating to the taxation of coin and bullion investments; adding new sections to chapter 82.08 RCW; adding new sections to chapter 82.12 RCW; and declaring an emergency.

 

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

 

          NEW SECTION.  Sec. 1.  A new section is added to chapter 82.08 RCW to read as follows:

          The tax levied by RCW 82.08.020 does not apply to 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.

 

          NEW SECTION.  Sec. 2.  A new section is added to chapter 82.12 RCW to read as follows:

          The tax levied by RCW 82.12.020 does not apply to 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.

 

          NEW SECTION.  Sec. 3.  A new section is added to chapter 82.08 RCW to read as follows:

          Section 1 of this act shall not apply to the sale of South African krugerrand gold coins.

 

          NEW SECTION.  Sec. 4.  A new section is added to chapter 82.12 RCW to read as follows:

          Section 2 of this act shall not apply to the sale of South African krugerrand gold coins.

 

          NEW SECTION.  Sec. 5.     If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.

 

          NEW SECTION.  Sec. 6.     This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect immediately.