f a best-in-class business climate, unparalleled quality of life, outdoor recreation wonderland, highly educated talent pool, and proximity to global markets are not enough reasons to convince you to invest in a Washington business location, then perhaps this will: When it comes to incentivizing business expansion, few states do it better than Washington.
A slew of new business incentive programs is at your disposal, and the state wants you to take advantage of them. These include property tax abatement and tax increment financing programs that enabled firms like Darigold to expand. The programs include sales and use tax deferral on cleantech investments that are paying off handsomely; and they also include cash grants that make your bottom line look a whole lot better right away.
For a detailed breakdown of all these programs, go to the incentives section of the Choose Washington website (choosewashingtonstate.com/i-need-help-with/site-selection/incentives).
There you will find explanations of each incentive program offered in Washington, from programs designed for general manufacturing projects to those intended to facilitate investment in clean energy and semiconductors.
The message from the state is clear: “Washington wants to do business with you. We’ll gladly stack our world-class workforce, inspirational lifestyle, culture of creativity and low-cost energy up against anyone else in the U.S. and show you why Washington State is a smart choice.”
New programs include sales and use tax deferral for clean energy investment projects. These incentives are now available to support eligible investment projects in clean technology manufacturing, clean alternative fuels production, and renewable energy storage. A qualified investment must be at least $2 million in buildings, machinery and equipment. Anyone interested in applying for this program is encouraged to call the Deferral Program Lead at 360-534-1443.
Companies are lining up to take part in these programs. One of them is Darigold, which plans to open a $650 million dairy plant in North Pasco. That project is being made possible by a new $180 million agricultural water treatment plant in Pasco. Financial assistance is coming from multiple sources; a $43 million Department of Ecology loan; $5 million in appropriations from the Legislature through the Climate Commitment Act; $5 million from the Washington Community Economic Revitalization Board; $99 million from processor investments and bonds; and $12 million in city bonds.
Dallas-based ATI Inc. recently confirmed an expansion of its own at a plant in north Richland where the company melts down titanium for various uses in the aerospace and defense sectors. The $111 million investment is expected to create 93 new jobs at the plant. The Targeted Urban Area tax exemption helped lure the project to Washington after ATI considered investing in North Carolina, city officials said. The incentive benefit for the company will be about $2.6 million in property tax savings over 10 years.
Corvus Energy, meanwhile, is opening a new factory at the Port of Bellingham with the help of state incentives. Corvus chose the site in Whatcom County for production of battery energy storage systems for the marine sector. The Washington State Department of Commerce is facilitating the deal by awarding the port a $250,000 strategic reserve fund (SRF) grant to help pay for updating the building.