Revenue Issues 2010 Tax Incentives Report
OLYMPIA, Sept. 3, 2010 – The Department of Revenue today issued its annual Descriptive Statistics for Tax Incentives covering business use of certain tax incentives during calendar year 2009.
The legislatively mandated report to the Washington State Legislature found that Business & Occupation (B&O) and sales tax incentives reduced state and local tax revenues by $236 million in 2009. Of this amount, $109.8 million is the sales tax deferral/exemption for high technology firms, $80.7 million stems from deferral/exemptions taken by rural manufacturers, and $23.8 million involves B&O tax credits taken by high technology firms.
A total of 1,266 taxpayers employing 278,094 workers participated in incentive programs in 2009, according to the report, which provides wage and benefit information by industry.
The report details information on these and other incentives used by manufacturers of timber and wood products, fruit and vegetable processors, manufacturers of dairy and seafood products, agricultural products and cold storage operators.
The report is online at http://dor.wa.gov/docs/reports/2010/DescriptiveStatistics2010.pdf.
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