As we’ve mentioned before, our Georgia clients frequently ask us to investigate potential credits and incentives in other states where they have operations, potential acquisitions or strong relationships with customers or vendors. In addition, private equity groups ask us about potential $$ for their portfolio companies.
We were recently asked about credits and incentives in the state of Washington
, and their state economic development professionals gave us some details (Choose Washington incentives site click here
For starters — CNBC ranked Washington #6 in their 2016 America’s Top States for Business survey (Georgia was #8 in the same survey). Pretty impressive! In that same survey, Washington is ranked #1 for Technology and Innovation.
The State of Washington does not have a corporate or individual income tax, but it does have a business and occupation (B&O) tax measured on the value of products, gross proceeds, or gross income of the business.
Washington offers a WIDE range of incentives including B&O tax credits, Public Utility tax credits, and Sales and Use tax credits:
Wow, I can’t get over the massive amount of credits and incentives available. There’s a learning curve here, but after digging in you should be able to find $$ for your clients.
Compared to Georgia, Washington has:
- NO corporate and NO personal income taxes, but
- Corporate business and occupation B&O (gross receipts) tax
- A far wider range of incentives
- Pre-approval required for some but definitely not all incentives
To summarize, Washington is extremely competitive with other states for economic development incentives, plus it is truly a beautiful place to live and do business.