S-0434.1 _______________________________________________
SENATE BILL 5335
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State of Washington 56th Legislature 1999 Regular Session
By Senators Goings, West, Loveland, Honeyford, Rossi, Rasmussen, Hochstatter, McDonald and Winsley
Read first time 01/20/1999. Referred to Committee on Energy, Technology & Telecommunications.
AN ACT Relating to the taxation of natural gas and electricity futures contracts trading by persons other than light and power businesses and gas distribution businesses; amending RCW 82.04.080; and adding a new section to chapter 82.04 RCW.
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:
Every person engaging in this state in the business of trading natural gas and electricity futures contracts, other than light and power businesses and gas distribution businesses that are taxable under chapter 82.16 RCW, is taxable as a service under RCW 82.04.290(2) upon the gross income of the business.
Sec. 2. RCW 82.04.080 and 1961 c 15 s 82.04.080 are each amended to read as follows:
"Gross income of the business" means the value proceeding or accruing by reason of the transaction of the business engaged in and includes gross proceeds of sales, compensation for the rendition of services, gains realized from trading in stocks, bonds, or other evidences of indebtedness, gains received from trading in natural gas and electricity futures contracts, interest, discount, rents, royalties, fees, commissions, dividends, and other emoluments however designated, all without any deduction on account of the cost of tangible property sold, the cost of materials used, labor costs, interest, discount, delivery costs, taxes, or any other expense whatsoever paid or accrued and without any deduction on account of losses.
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