WA
Washington Senate Bill SB5721

Washington 2023-2024 Regular Session

Washington Senate Bill SB5721

Introduced
2/7/23  
Refer
2/7/23  
Report Pass
2/17/23  

Caption

Authorizing a business and occupation tax credit to incentivize private sector investment in advanced aerospace manufacturing training and education.

Impact

The proposed legislation is expected to positively influence state laws related to taxation and workforce development. By incentivizing investments in training programs, SB5721 could lead to an increase in job opportunities and skill enhancement within the aerospace sector. This aligns with broader state goals of fostering economic development and positioning the state as a leader in advanced manufacturing. The bill is particularly timely, given the ongoing advancements in aerospace technologies and the need for a skilled workforce to support these innovations.

Summary

SB5721 introduces a business and occupation tax credit designed to encourage private sector investment in advanced aerospace manufacturing training and education. The bill seeks to bolster the workforce in the aerospace sector by providing incentives for businesses to invest in training programs. This initiative aims to enhance the skill set of the workforce, ensuring that it meets the evolving demands of the aerospace industry, which is critical for economic growth and technological advancement in the state.

Sentiment

General sentiment surrounding SB5721 appears to be favorable, particularly among stakeholders in the aerospace industry and education sectors. Proponents argue that the bill will not only enhance job readiness among workers but also stimulate economic activity through increased investment in training programs. However, some may express concerns regarding the cost implications of the tax credit for the state budget and its potential long-term sustainability.

Contention

While the bill has garnered support, there may be points of contention related to the allocation of state resources for the tax credits. Critics might question whether these incentives effectively lead to significant job creation or if the funding could be better utilized in other areas. Furthermore, thorough assessments will be necessary to ensure that the investment translates into measurable benefits for the workforce and that it does not disproportionately favor larger firms over smaller businesses in the aerospace sector.

Companion Bills

No companion bills found.

Previously Filed As

WA HB1981

Incentivizing clean nuclear energy manufacturing through preferential business and occupation tax rates.

WA HB2081

Modifying business and occupation tax surcharges, rates, and the advanced computing surcharge cap, clarifying the business and occupation tax deduction for certain investments, and creating a temporary business and occupation tax surcharge on large companies.

WA SB5815

Modifying business and occupation tax surcharges, rates, and the advanced computing surcharge cap, clarifying the business and occupation tax deduction for certain investments, and creating a temporary business and occupation tax surcharge on large companies.

WA SB5766

Clarifying the business and occupation tax treatment of the investment income of passive investment vehicles managed by a person subject to business and occupation tax under RCW 82.04.290(1).

WA SB5774

Clarifying the scope of the investment income business and occupation tax deduction.

WA HB1998

Clarifying the scope of the investment income business and occupation tax deduction.

WA HB1284

Eliminating the investment income business and occupation tax deduction for corporations and other business entities.

WA HB1895

Establishing a business and occupation tax credit for small business employers providing educational assistance to employees.

WA SB5675

Providing a business and occupation tax exemption for manufacturing facilities and green manufacturing facilities.

WA SB6243

Providing a state business and occupation tax exemption to encourage clean technology manufacturing in Washington.

Similar Bills

No similar bills found.