The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
"Legal tender" means a recognized medium of exchange for payment of debt and taxes.
"Monetized bullion" means coin or other forms of money manufactured from gold, silver, or other metals, and is used as a medium of exchange under the laws of this state, the United States, or any foreign nation. "Monetized bullion" includes, but is not limited to, nuggets, bars, sticks, dust, or other forms of processed forms of precious metals. "Monetized bullion" does not include coins or money sold to be manufactured into jewelry or works of art.
"Precious metal bullion" means gold or silver which has been put through a process of smelting or refining and which is in such a state or condition that its value depends upon its content and not upon its form.
Washington courts shall require specific performance contract provisions that specifically call for payment in type or form of precious metal bullion made of gold or silver, or monetized bullion.
Unless specifically provided by law or by contract, a person or legal entity may not compel any other person or legal entity to tender precious metal bullion made of gold or silver, or monetized bullion, or to accept precious metal bullion or monetized bullion as tender.
The exchange of one type or form of precious metal bullion made of gold or silver, or monetized bullion, for a type or form of legal tender may not give rise to any tax liability, and is subject to the tax provisions of RCW 82.04.062 and 84.36.070.
This section modifies existing section 82.04.062. Here is the modified chapter for context.
For purposes of this chapter, "wholesale sale," "sale at wholesale," "retail sale," and "sale at retail" do not include the sale of precious metal bullion or monetized bullion.
In computing tax under this chapter on the business of making sales of precious metal bullion or monetized bullion, the tax shall not be imposed on the amounts received as commissions upon transactions for the accounts of customers over and above the amount paid to other dealers associated in such transactions, but a deduction or offset is allowed on account of salaries or commissions paid to salesmen or other employees.
For purposes of this section, the definitions in section 1 of this act apply.
This section modifies existing section 84.36.070. Here is the modified chapter for context.
Intangible personal property is exempt from ad valorem taxation.
"Intangible personal property" means:
All moneys and credits**,** including mortgages, notes, accounts, certificates of deposit, tax certificates, judgments, state, county and municipal bonds and warrants and bonds and warrants of other taxing districts, bonds of the United States and of foreign countries or political subdivisions thereof , the bonds, stocks, or shares of private corporations**, or precious metal bullion made of gold or silver, or monetized bullion, as defined in section 1 of this act**;
Private nongovernmental personal service contracts, private nongovernmental athletic or sports franchises, or private nongovernmental athletic or sports agreements provided that the contracts, franchises, or agreements do not pertain to the use or possession of tangible personal or real property or to any interest in tangible personal or real property; and
Other intangible personal property such as trademarks, trade names, brand names, patents, copyrights, trade secrets, franchise agreements, licenses, permits, core deposits of financial institutions, noncompete agreements, customer lists, patient lists, favorable contracts, favorable financing agreements, reputation, exceptional management, prestige, good name, or integrity of a business.
"Intangible personal property" does not include zoning, location, view, geographic features, easements, covenants, proximity to raw materials, condition of surrounding property, proximity to markets, the availability of a skilled workforce, and other characteristics or attributes of property.
This section does not preclude the use of, or permit a departure from, generally accepted appraisal practices and the appropriate application thereof in the valuation of real and tangible personal property, including the appropriate consideration of licenses, permits, and franchises granted by a government agency that affect the use of the property.
This act may be known and cited as the Washington state sound money act.