BILL REQ. #: H-2660.1
| State of Washington | 60th Legislature | 2007 Regular Session |
READ FIRST TIME 03/05/07.
AN ACT Relating to excise taxation of electronically delivered financial information; adding a new section to chapter 82.08 RCW; adding a new section to chapter 82.12 RCW; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 82.08 RCW
to read as follows:
(1) The tax levied by RCW 82.08.020 shall not apply to sales of
electronically delivered standard financial information, if the sale is
to an investment management company or a financial institution.
(2) For purposes of this section and section 2 of this act, the
following definitions apply:
(a) "Financial institution" means a business within the scope of
chapter 82.14A RCW and RCW 82.04.460(2).
(b) "Investment management company" means an investment adviser
registered under the investment advisers act of 1940, as amended, that
is primarily engaged in providing investment management services to
collective investment funds. For purposes of this subsection (2)(b),
the definitions in RCW 82.04.293 apply.
(c)(i) "Standard financial information" means any collection of
financial data or facts, not generated or compiled for a specific
customer including, but not limited to, financial market data, bond
ratings, credit ratings, and deposit, loan, or mortgage reports. It
does not include reports furnished as part of a service described in
RCW 82.04.050(3).
(ii) For purposes of this subsection (2)(c), "financial market
data" means market pricing information, such as for securities,
commodities, and derivatives; corporate actions for publicly and
privately traded companies, such as dividend schedules and
reorganizations; corporate attributes, such as domicile, currencies
used, and exchange where shares are traded; and currency information.
NEW SECTION. Sec. 2 A new section is added to chapter 82.12 RCW
to read as follows:
The provisions of this chapter shall not apply with respect to the
use, by an investment management company or a financial institution, of
electronically delivered standard financial information.
NEW SECTION. Sec. 3 This act takes effect August 1, 2007.