|
Economically challenged areas will soon have another way to attract high-wage jobs thanks to the passage of a bill sponsored by Sen. Derek Kilmer (D-Gig Harbor). Senate Bill 6626 encourages major corporate headquarters to locate in economically depressed areas by providing an exemption from the Sales & Use Tax that would normally be incurred in the course of constructing a corporate headquarters.
The exemption is available for investments of over $30 million in headquarter facilities that employ at least 300 people. The incentives are limited to two projects statewide per biennium, and no more than one project per Community Empowerment Zone per biennium.
“My top priority in Olympia has been the growth of more good jobs in our region. Areas like downtown Bremerton and Tacoma need more tools to recruit and retain these major employers that can serve as cornerstones of economic development in areas that need it the most,” said Kilmer, who serves as vice-chair of the Senate Economic Development, Trade & Management Committee. Kilmer added, “This bill makes us more competitive. Several of the states with which we compete have similar incentives. This bill can be a critical tool for more jobs in our area.”
The state’s Community Empowerment Zone (CEZ) program was created in 1993 to encourage public and private investment in low-income areas with high unemployment.
Downtown Bremerton and Tacoma were designated as two of Washington’s six Community Empowerment Zones, along with Yakima, Spokane, White Center, and Duwamish. SB 6626 received unanimous support in the Senate, and passed the House on a vote of 92-1.
|
