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JLARC: Aerospace tax preferences still reduce costs and support industry presence, but employment goals remain undefined
Summary
JLARC told the House Finance Committee that Washington’s nine aerospace tax preferences (estimated $205 million biennial savings) continue to reduce costs and help maintain industry presence, but the Legislature has not specified performance metrics to judge whether preferences meet employment goals.
Pete Van Moorsil of the Joint Legislative Audit and Review Committee presented JLARC’s 2024 review of nine tax preferences that benefit Washington’s aerospace industry at the House Finance Committee on Jan. 14. JLARC estimated the biennial savings for the 2028–29 period at about $205,000,000 and reported beneficiaries saved about $95,000,000 in fiscal 2022 under current law (lower than earlier years due to repeal of a preferential manufacturing rate required by a World Trade Organization ruling).
The preferences include preferential B&O tax rates (some repealed or contingent on disputes), tax credits, sales-and-use tax exemptions, a property-tax exemption,…
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