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AROUND THE WEB
NEWS ITEMS
AROUND THE WEB
Locke Confirmed as U.S. Commerce Secretary
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Washington
Resources Page
Clean Energy, Green EconomyRenewable energy stands poised to create opportunities across the country. More |
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Digital Media, Life Sciences, Aerospace Lead Washington’s Economic Sector DevelopmentWashington’s diverse industry sectors include life sciences and global health, aerospace, clean technology, and information and communication technology (ICT). More |
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America's Public Power Utilities-Maximizing EfficiencyTo build a brighter tomorrow, businesses need to build partnerships, and the most fortunate ones are finding valuable partners on the other end of the electric line More |
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Washington
At A Glance
POPULATION:
6,587,600 (April 2008)
Business and Occupation Tax: Washington imposes this tax on most businesses; it is based on gross receipts and there are few deductions available; the rate for manufacturers, distributors, and wholesalers is 0.484 percent; the rate for retailers is 0.471 percent; services are now subject to a uniform B&O tax rate of 1.5 percent; other B&O tax rates vary from 0.012 percent to 1.172 percent
LABOR FORCE: 3,297,700 (July 2008)
RIGHT TO WORK: NoTRADITIONAL INDUSTRIES: Aerospace, agriculture, fishing, forestry and wood products, technology
EXPANDING INDUSTRIES: Advanced technology, biotechnology, clean energy, electronics, telecommunications, software, environmental services, international trade services, tourism, marine services, scientific instruments, machinery, value-added agricultureCOLLEGE GRADUATES: (Age 25 and over) 28%
BASIC BUSINESS TAXES:Business and Occupation Tax: Washington imposes this tax on most businesses; it is based on gross receipts and there are few deductions available; the rate for manufacturers, distributors, and wholesalers is 0.484 percent; the rate for retailers is 0.471 percent; services are now subject to a uniform B&O tax rate of 1.5 percent; other B&O tax rates vary from 0.012 percent to 1.172 percent
Sales and Use Tax: Sales tax must be collected on retail sales of tangible personal property, as well as cleaning, repairing, altering, or improving real property and tangible personal property, including labor charges; use tax is due on the value of tangible personal property used in the state on which retail sales tax has not been paid; exemptions include groceries and prescription drugs; the state sales tax is 6.5 percent; the local rate varies from 0.5 to 2.0 percent depending on the location where services are performed
Property Tax: Local tax with rates based on appraised value and varying by location; the average statewide effective property tax is $9.72 per $1,000 of assessed value.BUSINESS INCENTIVES:
Sales and use tax exemption
on machinery and equipment
Business and occupation tax
credits
Rural County Business & Occupation Tax Credit Program
Rural County Sales and Use Tax Deferral/Exemption Program
High-Technology Business & Occupation Tax Credit Program
High-Technology Sales and Use Tax Deferral/Exemption Program
Industrial development revenue bonds
Community Economic Revitalization Board funding
Development Loan Fund
Forest Products Division's Revolving Loan Fund
Washington State Job Skills Program
Community Empowerment Zones
Enterprise communities
Foreign-trade zones
Main Street Tax Credit Incentive Program
Renewable energy incentives
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