Everett Mayor Speaks Out Against Aerospace Tax Incentive Accountability Act

Labor leaders from the State House representing Everett and Snohomish County recently put forth HB 1786, a bill in Olympia that would tie tax incentives for aerospace companies to wages and jobs in Washington State. Here’s a summary of the bill.

HB 1786 – DIGEST

• Establishes the aerospace tax incentive accountability act.
• Establishes a statewide wage standard for aerospace employment as a requirement to qualify for certain aerospace related tax incentives.
• Requires increases in state general fund revenue collections resulting from the changes in this act to be used for state services that aid low-income individuals.

You can click here to see the full bill as it currently is being proposed.

Today Everett Mayor Ray Stephanson came out against the bill and issued the following written statement through a spokesperson but did not make himself available for any questions…

The proposed legislation would be detrimental to the hundreds of aerospace companies in Washington state, including those that make up the state’s largest job center here in Snohomish County. Aerospace incentives benefit the entire state’s economy and the 2013 incentives are projected to deliver more than $21.3 billion in state and local revenues over 16 years – a 3-to-1 return.

In Everett, we are already seeing the new construction that was promised and the positive spinoff impact that is having on other aerospace companies. The 2013 legislation includes protections to keep this important work here in Washington state, where it will benefit businesses and families far beyond the aerospace sector.

It’s critical that the state stand by its commitments to businesses who invest in our economy.

The House committee on labor is expected to consider the bill’s language this week.