BILL REQ. #: S-1785.1

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SUBSTITUTE SENATE BILL 5640
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State of Washington

59th Legislature

2005 Regular Session

By Senate Committee on International Trade & Economic Development (originally sponsored by Senators Eide, Haugen, Shin and Rasmussen)

READ FIRST TIME 02/18/05.

AN ACT Relating to the business and occupation taxation of royalties; adding a new section to chapter 82.04 RCW; providing an effective date; and declaring an emergency.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 82.04 RCW to read as follows:
     (1) The provisions of this chapter do not apply to amounts received as royalties for copyrights or patents for five years, beginning with the date the copyright is registered or patent is filed. This section applies to royalties received for copyrights registered or patents issued after June 30, 2005.
     (2) "Royalties" means compensation for the use of copyrights or patents.

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, 2005.

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