Gov. Chris Gregoire Friday signed Senate Bill 6626 at the Economic Development Board of Tacoma-Pierce County’s annual business luncheon. The bill creates incentives for businesses to build or lease corporate headquarters in community empowerment zones throughout the state.
The bill provides businesses an exemption from the sales and use tax for construction of their corporate headquarters in one of the CEZs in the state. The bill also specifies that the business must invest at least $30 million in that corporate headquarters and that the facility would need to employ at least 300 people making the average wage or better in Washington.
Community empowerment zones include areas of Tacoma, Spokane, Seattle, Yakima, Bremerton and White Center.
“This tax-break bill is important for Tacoma and for Pierce County,” Gregoire said. “It is another economic development tool to continue this city’s amazing renaissance. These incentives can draw more high-paying, high-demand, professional jobs into Washington state.”
“This legislation will help ensure that Tacoma and the other five cities that have community empowerment zones in our state will have the tools we need to continue growing,” said Tacoma Mayor Bill Baarsma. “Tacoma needs these kinds of economic development tools to encourage business growth and retention, and to create a thriving downtown.”