S-1256               _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 5106

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Senate Committee on Economic Development & Labor (originally sponsored by Senators Smitherman, Lee, Warnke, Williams and McMullen)

Read first time 1/25/89.

AN ACT Relating to foreign sales corporations; adding a new section to chapter 43.31 RCW; making an appropriation; and providing an expiration date.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 43.31 RCW to read as follows:

          The business assistance center of the department of trade and economic development shall develop a model shared foreign sales corporation for potential use by small businesses with two hundred fifty or fewer employees.    The department shall make all legal, financial, and accounting arrangements necessary for the formation of the model shared foreign sales corporation and  is authorized to execute all documents necessary to comply with this section and to adopt rules governing the development of shared foreign sales corporations.  The department shall charge back the start-up costs to the exporter-shareholders of the model shared foreign sales corporation.

NEW SECTION. Sec. 2.     There is appropriated from the general fund to the department of trade and economic development the sum of twenty-five thousand dollars, or as much thereof as may be necessary, for the biennium ending June 30, 1991, to implement the provisions of this act.

NEW SECTION. Sec. 3.     This 1989 act shall expire on June 30, 1994, unless extended by law for an additional fixed period of time.