On page 5, after line 30, strike all of subsection (5) and insert the following:
     "(5) By ((December 1, 2005, and by)) December 1, ((2006)) 2007, December 1, 2010, and December 1, 2015, the fiscal committees of the house of representatives and the senate, in consultation with the department, shall report to the legislature on the effectiveness of the smelter tax incentives ((and, by December 1, 2010, on the effectiveness of the incentives)) under RCW 82.04.4482 and 82.16.0498. The reports shall measure the effect of the tax incentives on job retention for Washington residents and any other factors the committees may select."