Advertising

Wednesday, June 18, 2003 - Page updated at 12:00 AM

E-mail article     Print

Gov. Locke signs Boeing tax breaks worth $3 billion

The Associated Press

OLYMPIA — Washington state today put out a $3 billion welcome mat for Boeing.

Gov. Gary Locke, surrounded by legislators, business and civic leaders and aerospace union officials, signed a hefty package of tax breaks for the state’s entire aerospace industry — contingent on Boeing building its new 7E7 “Dreamliner” jet here.

The tax package, rushed through the Legislature last week as a last-minute sweetener to the state’s bid, is a key feature of the state’s sales pitch to keep Boeing assembly work here, the governor said.

The state is putting finishing touches on a multimedia bid proposal that will go to Boeing officials and site-selection consultants in Seattle, Chicago and South Carolina on Friday.

State trade Director Martha Choe and Locke said they’re optimistic that Washington will be selected — either Everett, where the company already assembles jets in the world’s largest manufacturing facility, or Moses Lake in Eastern Washington, where the company owns land at a former Air Force base.

The package includes a 40 percent cut in business taxes, sales taxes, research and development tax credits and lower property taxes. Washington has no corporate or individual income tax.

The phased-in breaks are worth about $400 million over the next six years and potentially an estimated $3.2 billion over 20 years.

Boeing officials were not present for the ceremony today and haven’t directly commented on the tax package.

advertising


Get home delivery today!

Advertising

 
Most read
Most commented
Most e-mailed
 
 

Most viewed imagesMore

Advertising