The Washington State Legislature today overwhelmingly approved a measure sponsored by Sen. Andy Hill that extends and expands tax incentives to maintain and increase jobs in the state’s aerospace industry.
The legislation supports efforts to secure manufacturing of Boeing’s new 777X line in Washington, according to Hill.
“Washington’s economy is strongest when people are employed in high-quality jobs. Strong employment is also the best way to have a sustainable budget that funds education and other priorities,” said Hill, of Redmond, who serves as the chairman of the Senate Ways and Means Committee. “Securing these jobs is a great way to ensure the state will have the means to make substantial investments in education in the coming years. It also indicates that we’ll have jobs for those students to step into when the time comes.”
Previous tax incentives were enacted in 2003 to help land the Boeing 787 production line. A study by the Washington Aerospace Partnership showed that for every $1 the state invested in aerospace between 2004 and 2012 resulted in $4.10 in additional state tax revenues.
“When aerospace companies thrive they can invest in their employees and community. Senator Hill was essential to keeping the state involved as partner to support jobs and ensure Washington’s long-term economic health,” said Linda Lanham, executive director of the Aerospace Futures Alliance.
The vote came during the third day of a special session called by Gov. Jay Inslee to address a legislative package aimed at strengthening Washington’s aerospace industry.
“Anytime we discuss tax incentives in the Legislature we must guarantee they’re responsible and stimulate growth that will result in an improved statewide economy,” continued Hill. “By securing these high-skilled manufacturing jobs Washington can continue down a path that benefits everyone.”