Washington Governor Hopes to Add 40,000 Jobs

Washington Gov. Chris Gregoire has outlined a plan to create as many as 40,000 jobs in the state over the next three years. The governor’s 10-point plan includes tax incentives, streamlined permitting procedures and energy savings, according to a press release. It is expected to cost about $15 million and be paid through mid-2011.

• A business and occupation tax credit for large capital projects equal to five percent of the project cost, which will be capped at $100 million, and be distributed on a fist-come-first-served basis. It is expected to creat 20,000 construction jobs and 5,000 ongoing jobs over the next three years.
• Reducing the threshold a company must meet in order to qualify for the Rural County New Employee tax credit from a 15 percent to a 10 percent increase in the number of people they employ.
• A $2,000 new employee tax credit for small businesses that don’t qualify for other incentives.

The governor estimates these actions will encourage $2 billion in private investment in Washington state over the next two years.