BILL REQ. #:  H-0123.1 

Read first time 01/23/2007.   Referred to Committee on Community & Economic Development & Trade.

     AN ACT Relating to qualified small business incubators; and amending RCW 43.176.020.

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

Sec. 1   RCW 43.176.020 and 2004 c 237 s 2 are each amended to read as follows:
     The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
     (1) "Business incubator" means a facility that offers:
     (a) Space for start-up and expanding firms;
     (b) The shared use of equipment and work areas;
     (c) Daily management support services essential to high-quality commercial operations; and
     (d) Technical assistance.
     (2) "Entrepreneurial support program" means a program offering, on an ongoing basis, start-up or emerging businesses business-related training and services as well as technical assistance, including operational development, business development, and financing.
     (3) "Emerging business" means a business: (a) That is engaged in activities related to the development of initial project or service offerings, such as prototype development or establishment of initial production or services processes; or (b) that is less than three years old and during the previous fiscal year had gross revenues of no more than two million dollars.
     (4) "Qualified small business incubator" means ((an)) a small business incubator or entrepreneurial support program that is:
     (a)(i) Designated as a nonprofit organization under section 501(c)(3) or (6) of the internal revenue code, or (ii) consists of a partnership between a designated nonprofit organization under section 501(c)(3) of the internal revenue code and a government or quasi-government agency; and
     (b) ((Focused on developing small businesses in an economically distressed or disadvantaged area; and
     (c))) Structured around a sound business plan.
     (5) "Start-up business" means a formal business venture that: (a) Is involved in activities related to the development of initial product or service offerings, such as prototype development or establishment of initial production or service processes; (b) during the preceding fiscal year had gross revenues of no more than two million dollars; (c) is less than three years old; and (d) has fewer than twenty employees.