State Encouraging All Qualifying Aerospace Companies to Use Incentives
EVERETT, Oct. 21, 2010 â€“ At the fourth annual Governor’s Aerospace Summit in Everett, Governor Chris Gregoire today celebrated Washington’s thriving aerospace industry and pledged her ongoing support to keeping and growing aerospace jobs in the state.
Gregoire encouraged all qualifying companies to take advantage of tax incentives intended to expand the aerospace industry in Washington. While 319 aerospace companies are employing the incentives, another 123 companies that may qualify for them are not.
The incentives include a 40 percent reduction of the business and occupation (B&O) tax rate paid by companies involved in commercial aircraft manufacturing, and certain B&O tax credits and sales tax exemptions. In addition to supporting jobs in this state through the building of the 787, the preferential B&O tax rate and other incentives also apply to many other companies involved in the commercial airplane manufacturing and development field.
“We created these incentives to ensure that we continue to build upon our success as an airplane manufacturing center and both preserve and increase family wage jobs,” Gregoire said.Â “We want every qualifying business to participate and realize that the state values their contribution to the economy.”
Companies who take the incentives are required to file annual reports that outline the wages and benefits they provide to their employees. The most recent summary of those reports is available here.
The Department is in the process of surveying companies to determine why they are not taking the credits, including identifying any obstacles that may be discouraging them. More information on the incentives is available here.
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