BILL REQ. #:  H-0273.3 

Read first time 01/22/13.   Referred to Committee on Finance.

     AN ACT Relating to exempting from business and occupation tax certain amounts received by cooperative finance organizations; adding a new section to chapter 82.04 RCW; and creating a new section.

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) This chapter does not apply to amounts received by a cooperative finance organization where the amounts are derived from loans to rural electric cooperatives or other nonprofit or governmental providers of utility services organized under the laws of this state.
     (2) For the purposes of this section, the following definitions apply:
     (a) "Cooperative finance organization" means a nonprofit organization with the primary purpose of providing, securing, or otherwise arranging financing for rural electric cooperatives.
     (b) "Rural electric cooperative" means a nonprofit, customer-owned organization that provides utility services to rural areas.

NEW SECTION.  Sec. 2   Section 1 of this act applies to amounts received on or after August 1, 2013.