Passed by the House March 13, 2007 Yeas 93 Nays 3 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 9, 2007 Yeas 40 Nays 8 ________________________________________ President of the Senate		CERTIFICATE I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is ENGROSSED SUBSTITUTE HOUSE BILL 1981 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk
Approved ________________________________________ Governor of the State of Washington		FILED Secretary of State State of Washington

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.

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.
     (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.