CERTIFICATION OF ENROLLMENT

                   SUBSTITUTE HOUSE BILL 1140

                    Chapter 20, Laws of 2001

                        57th Legislature

                2001 Regular Legislative Session

GRAIN WAREHOUSE COMPANIES--TAXATION

                    EFFECTIVE DATE:  7/1/01

Passed by the House February 27, 2001   Yeas 98   Nays 0              CLYDE BALLARD Speaker of the House of Representatives               FRANK CHOPP Speaker of the House of Representatives Passed by the Senate April 4, 2001   Yeas 49   Nays 0

CERTIFICATE We, Timothy A. Martin and Cynthia Zehnder, Co-Chief Clerks of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1140  as passed by the House of Representatives and the Senate on the dates hereon set forth.            CYNTHIA ZEHNDER                           Chief Clerk           TIMOTHY A. MARTIN                           Chief Clerk

ROSA FRANKLIN President of the Senate

Approved April 13, 2001 Place Style On Codes above, and Style Off Codes below.	FILED                           April 13, 2001 - 10:23 a.m.
GARY LOCKE Governor of the State of Washington	Secretary of State                  State of Washington

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                    SUBSTITUTE HOUSE BILL 1140

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             Passed Legislature - 2001 Regular Session

State of Washington      57th Legislature     2001 Regular Session

By House Committee on Agriculture & Ecology (originally sponsored by Representatives Schoesler, Grant, Sump, G. Chandler, Cox, McMorris, Doumit, Mielke, Armstrong, Mastin, B. Chandler, Linville, Hatfield, Alexander, Benson and Haigh)

Read first time .  Referred to Committee on .

Modifying the taxation of grain warehouses. 

    AN ACT Relating to the taxation of grain warehouse companies; amending RCW 82.04.090; providing an effective date; and declaring an emergency.

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

    Sec. 1.  RCW 82.04.090 and 1975 1st ex.s. c 278 s 40 are each amended to read as follows:

    "Value proceeding or accruing" means the consideration, whether money, credits, rights, or other property expressed in terms of money, actually received or accrued.  The term shall be applied, in each case, on a cash receipts or accrual basis according to which method of accounting is regularly employed in keeping the books of the taxpayer.  However, persons operating grain warehouses licensed under chapter 22.09 RCW may elect to report the value proceeding or accruing from grain warehouse operations on either a cash receipts or accrual basis.  The department of revenue may provide by regulation that the value proceeding or accruing from sales on the installment plan under conditional contracts of sale may be reported as of the dates when the payments become due.

NEW SECTION. Sec. 2.  This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect July 1, 2001.

    Passed the House February 27, 2001.

    Passed the Senate April 4, 2001.

Approved by the Governor April 13, 2001.

    Filed in Office of Secretary of State April 13, 2001.