Sales of precious metal bullion and monetized bullion now subject to B&O tax and retail sales tax

Issue Date

September 24, 2025

Intended audience: Buyers and sellers of precious metal bullion and monetized bullion.

Starting Jan. 1, 2026, sales of precious metal bullion and monetized bullion are no longer excluded from the definition of a wholesale or retail sale. This means sales of these items are taxable.

How are these sales taxable?

Gross income from sales of precious metal bullion and monetized bullion to end consumers are subject to business and occupation (B&O) tax under the Retailing classification and you must collect sales tax.

Gross income from sales to resellers are subject to B&O tax under the Wholesaling classification when the buyer provides a copy of a valid reseller permit. Retail sales tax does not apply to wholesale sales.

Definitions

Precious metal bullion means any 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.

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.