Business Regulations
Business Regulations
Tax Structure
Washington ’ s employers are under constant tax pressure . Washington collects the fifth highest business share of state taxes , and the seventh highest business share of state and local taxes among the 50 states ( Council on State Taxation ). It is imperative that statewide and local officials resolve the unfair tax burden on small business in a way that bolsters Washington ’ s ability to attract , maintain , and grow economic opportunity statewide , compete with lower-cost states , and uphold certainty and fairness for taxpayers .
Tax incentives from sales and use tax have been extremely beneficial to the establishment and growth of small business in Washington . The manufacturing and equipment ( M & E ) tax exemption was instituted to help small manufacturers make investments in equipment that would help spur growth in jobs and revenue . The most recent review of the M & E exemption ( 2008 Manufacturing Tax Study ) showed that in a four-year period the exemption created 58,100 new jobs and added $ 27.5 billion to the economy . The success of the M & E exemption is a good example of how tax preferences , incentives and exemptions , can benefit the state ’ s economy . in a four-year period , the m & e tax exemption created
new jobs and added
58,100 $ 27.5 billion to the economy .