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GSI membership update on HB 2992 B&O tax relief

Earlier today, Greater Spokane Incorporated CEO Todd Mielke sent a message to manufacturing businesses regarding House Bill 2992, which would provide B&O tax relief for some manufacturers in Washington.

House Bill 2992 is an important step to improving the business climate throughout our state. It helps manufacturers across Washington and provides them with much-needed relief in 30 counties. The bill would reduce B&O tax rates incrementally over the course of six years, and have a positive impact on the more than 17,000 manufacturing jobs within Spokane County.

Unfortunately, in its current form, HB 2992 excludes counties with more than 100,000 in population and other factors. In particular, this hurts manufacturers in Spokane County, which recently experienced a large growth in the export of manufactured goods.

Sharing a border with Idaho, Spokane County fights to retain every business here. Idaho provides businesses with tax advantages that make it extremely competitive with Washington’s tax structure. Much-needed tax relief will enable our region’s manufacturers to be successful both domestically and throughout the world.

B&O tax relief is just one way that our state legislature can support local businesses. Doing so will protect jobs, and enable our region to be more competitive with business recruiting efforts.

Throughout the year, GSI advocates for our region’s business community, partnering with organizations like the Association of Washington Businesses to enhance our efforts.

Please contact your legislator and urge them to extend the tax benefits of HB 2992 beyond rural counties. You can find your legislator at http://app.leg.wa.gov/districtfinder.

Thank you for your continuous support for our region and for being a member of Greater Spokane Incorporated.

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