AWB Statement on Aerospace Incentives
“Washington state’s aerospace industry continues to deliver world-class products and services in a highly competitive market. Washington has one of the highest business tax burdens of any state in America. Reducing this unreasonably high tax to a competitive level is not a subsidy. Washington State’s Revenue department reports that over 450 different employers paid aerospace taxes in 2013 – this is an industry that employs more than 100,000 people in Washington state alone.
Suppliers to both Boeing and Airbus are among those firms taking advantage of this incentive, which return money to the state coffers. The state estimates that more than $20 billion will be returned to the state in taxes paid by the aerospace industry alone between 2024 and 2040. These incentives are good for the state and good for the health of all businesses and the competitive climate in Washington.”
About the Association of Washington Business
Formed in 1904, the Association of Washington Business is Washington’s oldest and largest statewide business association, and includes more than 8,100 members representing 700,000 employees. AWB serves as both the state’s chamber of commerce and the manufacturing and technology association. While its membership includes major employers like Boeing, Microsoft and Weyerhaeuser, 90 percent of AWB members employ fewer than 100 people. More than half of AWB’s members employ fewer than 10. For more about AWB, visit www.awb.org.