Ordinance 3711-19 - Laserfiche WebLink

1. Public Utilities.This chapter shall not apply to any person in respect to a business activity with respect to which tax liability is specifically imposed under the provisions of Chapters 3.28 and 3.76 EMC. D. Financial Exemptions. 1. Investments—Dividends from Subsidiary Corporations.This chapter shall not apply to amounts derived by persons, other than those engaging in banking, loan, security, or other financial businesses, from investments or the use of money as such, and also amounts derived as dividends by a parent from its subsidiary corporations. 2. International Banking Facilities.This chapter shall not apply to the gross receipts of an international banking facility. As used in this section, an "international banking facility" means a facility represented by a set of asset and liability accounts segregated on the books and records of a commercial bank,the principal office of which is located in this state, and which is incorporated and doing business under the laws of the United States or of this state, a United States branch or agency of a foreign bank, an Edge corporation organized under Section 25(a) of the Federal Reserve Act, 12 U.S.C. 611 through 631, or an Agreement corporation having an agreement or undertaking with the Board of Governors of the Federal Reserve System under Section 25 of the Federal Reserve Act, 12 U.S.C. 601 through 604(a), that includes only international banking facility time deposits (as defined in subsection (a)(2) of Section 204.8 of Regulation D (12 CFR Part 204), as promulgated by the Board of Governors of the Federal Reserve System), and international banking facility extensions of credit (as defined in subsection (a)(3)of Section 204.8 of Regulation D). E. Miscellaneous Exemptions. 1. Insurance Business.This chapter shall not apply to amounts received by any person who is an insurer or their appointed insurance producer upon which a tax based on gross premiums is paid to the state pursuant to RCW 48.14.020; and provided further,that the provisions of this subsection shall not exempt any bonding company from tax with respect to gross income derived from the completion of any contract as to which it is a surety, or as to any liability as successor to the liability of the defaulting contractor. 2. Farmers—Agriculture.This chapter shall not apply to any farmer in respect to amounts received from selling fruits,vegetables, berries, butter, eggs,fish, milk, poultry, meats or any other agricultural product that is raised, caught, produced, or manufactured by such persons. 3. Athletic Exhibitions.This chapter shall not apply to any person in respect to the business of conducting boxing contests and sparring or wrestling matches and exhibitions for the conduct of which a license must be secured from the State Boxing Commission. 4. Racing.This chapter shall not apply to any person in respect to the business of conducting race meets for the conduct of which a license must be secured from the Washington State Horse Racing Commission. az 2019 ORDINANCE: Business and Occupation Tax Page 30 of 40