Gov. Chris Gregoire today unveiled her plan to create as many as 40,000 jobs over the next three years while speaking at the 38th Annual Economic Forecast Conference hosted by enterpriseSeattle. "Despite our budget constraints, I believe we can and must encourage employers to start hiring and capitalize on new opportunities," Gregoire said. "We need to think creatively and act swiftly. So I have developed a 10-point plan to accelerate our recovery and give businesses the confidence they need to create jobs." Key elements of the plan include:
- A Business & Occupation tax credit for large capital projects equal to five percent of the project cost. The program will be capped at $100 million, distributed first-come-first-served, and is expected to create 20,000 construction jobs and 5,000 ongoing jobs over the next 3 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.
Along with reducing the Rural County New Employee credit, the tax credit for small businesses is expected to create 15,000 jobs that will help businesses stay open and put more people to work. - Expansion of the state's Multi-Agency Permitting teams to reduce permit time, and extend all previously-approved state development permits for two additional years.
- Directed the Washington State Department of Commerce to create and lead a new Clean Energy Business Development Program, which will work closely with the private sector to identify and seize opportunities for further clean-energy employment growth in Washington.
The governor estimates that these actions will encourage $2 billion in private investment in Washington State over the next two years. "The proposed B&O tax credits will help small businesses like mine who need the talent, yet are hesitant to hire due to uncertainty around the sustainability of this increase in demand," said Tracy Corley, chief strategist at Tracy A. Corley & Associates. "
For more information about the proposal, visit: http://www.governor.wa.gov/priorities/economy/jobs.pdf
