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JLARC: Aerospace tax preferences still lower costs and support industry presence; employment targets need clarification
Summary
JLARC found Washington’s aerospace tax preferences reduce business tax burdens and help sustain the industry’s presence and high wages, but employment effects relative to legislative expectations are unclear without defined metrics; recommended restoring a 10-year review cycle unless Legislature wants frequent updates.
The Joint Legislative Audit and Review Committee reported that Washington’s nine aerospace-related tax preferences continue to reduce the cost of doing business in the state and help maintain aerospace industry presence and wages, but JLARC said it cannot determine whether the preferences meet any undefined legislative employment targets.
Pete Van Moorsil, JLARC staff, told the House Finance Committee the nine preferences—comprising preferential B&O rates (some contingent on international disputes), B&O credits, sales-and-use exemptions, a property tax exemption and a leasehold excise tax…
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