The proposed bill aims to regulate the taxation of precious metal bullion, specifically gold and silver, as well as monetized bullion, while establishing that the use of such bullion as legal tender is voluntary. It introduces new definitions for "legal tender," "monetized bullion," and "precious metal bullion," and mandates that Washington courts require specific contract provisions for payments in these forms. Additionally, the bill stipulates that no person or entity can be compelled to accept or tender precious metal bullion unless specified by law or contract. It also clarifies that exchanges of precious metal bullion for legal tender will not incur tax liabilities, aligning with existing tax provisions.

Furthermore, the bill amends existing laws, specifically RCW 82.04.062 and RCW 84.36.070, to exempt precious metal bullion and monetized bullion from certain tax obligations. It specifies that the definitions of precious metal bullion and monetized bullion from the new section will apply in these contexts. The act is titled the "Washington State Sound Money Act" and is set to take effect on July 1, 2025, as it is deemed necessary for the immediate preservation of public peace, health, or safety.

Statutes affected:
Original Bill: 82.04.062, 84.36.070