Precious Metals and Bullion Tax Exemptions. Sales of precious metals and monetized bullion are exempt from B&O and sales and use taxes. Bullion dealers are subject to B&O tax under the service classification on amounts received in commissions for buying and selling bullions on behalf of customers. In 2024, JLARC reviewed the tax preference and recommended that the Legislature should determine whether to continue the exemption for sales of precious metals and monetized bullion. The report noted that the preference may not be achieving the inferred public policy objective of making Washington coin and bullion dealers more competitive with out-of-state competitors by treating precious metal and bullion sales like sales of investments rather than sales of tangible personal property.