The proposed bill aims to reinstate tax exemptions for the sale of precious metals and bullion by adding a new section to chapter 82.04 of the Revised Code of Washington (RCW). It clarifies that terms such as "wholesale sale" and "retail sale" do not apply to transactions involving precious metal bullion or monetized bullion. The bill specifies that taxes will be calculated based on commissions received from transactions, excluding deductions for salaries or commissions paid to employees. Definitions for "monetized bullion" and "precious metal bullion" are also provided to delineate what constitutes these categories.

Additionally, the bill states that existing RCW sections 82.32.805 and 82.32.808 will not apply to this act, indicating a clear departure from previous regulations. The effective date for the implementation of this act is set for July 1, 2026.