Bailey, who represents the 10th District, says Senate Bill 5952, which passed the Senate 42-2, and Senate Bill 5953, which passed the Senate unanimously, will extend tax exemptions for aerospace companies through 2040. In addition, the measures would set aside funds for 1,000 new enrollments in high-demand aerospace programs.
“Boeing already employs about 85,000 Washington workers full-time, and that number grows exponentially when you start including the jobs provided by third-party subcontractors and other supplemental employers around the state,” Bailey added. “With the number of veterans returning to Washington looking for work, it’s a great opportunity to help them and their families – and particularly appropriate that we’re doing it on Veterans Day weekend.
“When we come back to Olympia in January, we’ll need to start looking at ways to expand these kinds of tax incentives to other industries outside of aerospace,” Bailey continued. “Today’s votes are an endorsement of the underlying policy, and now we need to provide other kinds of tax certainty to other businesses so they can grow and create jobs as well.”
If approved by the House, SB 5952 and SB 5953 could be signed by the governor as early as today.