BILL REQ. #:  H-3428.1 

Prefiled 12/22/2005. Read first time 01/09/2006.   Referred to Committee on Financial Institutions & Insurance.

     AN ACT Relating to use tax owed by converting or merging credit unions when converting or merging a federal, foreign, or out-of-state credit union into a state charter; and adding a new section to chapter 82.12 RCW.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 82.12 RCW to read as follows:
     (1) This chapter does not apply to state credit unions with respect to the use of any article of tangible personal property, service defined as a retail sale in RCW 82.04.050 (2)(a) or (3)(a), or extended warranty, acquired from a federal credit union, foreign credit union, or out-of-state credit union as a result of a merger or conversion.
     (2) For purposes of this section, the following definitions apply:
     (a) "Federal credit union" means a credit union organized and operating under the laws of the United States.
     (b) "Foreign credit union" means a credit union organized and operating under the laws of another country or other foreign jurisdiction.
     (c) "Out-of-state credit union" means a credit union organized and operating under the laws of another state or United States territory or possession.
     (d) "State credit union" means a credit union organized and operating under the laws of this state.