CERTIFICATION OF ENROLLMENT

                        SENATE BILL 5631

                        55th Legislature

                      1998 Regular Session

Passed by the Senate February 11, 1998   YEAS 46   NAYS 0 President of the Senate Passed by the House March 10, 1998   YEAS 94   NAYS 0

CERTIFICATE I, Mike O=Connell, Secretary of the Senate of the State of Washington, do hereby certify that the attached is  SENATE BILL 5631 as passed by the Senate and the House of Representatives on the dates hereon set forth.

Speaker of the       House of Representatives

Secretary

Approved Place Style On Codes above, and Style Off Codes below.

FILED

Governor of the State of Washington

Secretary of State                   State of Washington

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                         SENATE BILL 5631

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             Passed Legislature - 1998 Regular Session

State of Washington      55th Legislature     1997 Regular Session

By Senators Wood, Jacobsen and Oke

Read first time 02/04/97.  Referred to Committee on Higher Education.

Exempting education loan guarantee services from business and occupation tax.

    AN ACT Relating to imposition of the business and occupation tax on education loan guarantee services; and amending RCW 82.04.367.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

    Sec. 1.  RCW 82.04.367 and 1987 c 433 s 1 are each amended to read as follows:

    This chapter does not apply to gross income received by nonprofit organizations exempt from federal income tax under section 501(c)(3) of the internal revenue code of 1954, as amended, that:

(1) Are guarantee agencies under the federal guaranteed student loan program or that issue debt to provide or acquire student loans; or

(2) Provide guarantees for student loans made through programs other than the federal guaranteed student loan program.

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