Washington State Legislature Approves Tax Breaks for Boeing
In an effort to further enhance opportunities for careers in business in the state, Washington's legislature recently passed a set of tax breaks for one of the largest companies in the region. Boeing Co., which has more than 80,000 employees in Washington state, is trying to decide where to build its newest jet, the 777X. The hope is that by making $9 billion in tax breaks available, the company will be enticed to manufacture it in the Seattle area.
Several other states are competing to become the home of the production facility that will house the 777X, including South Carolina, Texas and Utah. But with a long history of manufacturing airplanes in the state, and with these new tax breaks, Washington is hoping it has done enough to keep production of the jet in Seattle.
"Assembly of that airplane will be the linchpin of economic growth for the state of Washington for decades to come," Washington Gov. Jay Inslee said during a speech before the Washington state House Finance Committee on Thursday, Nov. 7, according to Reuters.
However, according to The New York Times, there is still a major obstacle in the way of finalizing a deal. A new labor contract that must be approved by the area's airplane maker's machinist union, which will be voting on the measure Nov. 13. Without that approval, Boeing has said it will look elsewhere to manufacture the jet.
Good business news for Washington
Whether or not Boeing decides to manufacture the plane in Washington state, the legislature's overwhelming approval of the tax breaks, by a vote of 42-2 in the Senate and 75-11 in the House, signals the willingness of local lawmakers to do whatever it takes to keep business in Washington's borders, as well as promote new development.
For anyone pursuing an online business degree or a career in business management in Washington, this latest round of tax breaks should come as welcome news. Not only does it make it more likely that one of the state's largest employers will continue to do a lot of work there, which should lead to more jobs with the company, but it also shows a commitment to entrepreneurship and business development.
This article is sponsored by Western Governors University, a nonprofit, accredited, online university. WGU offers online bachelor degree programs in business and online MBA programs. To find out more, please visit www.wgu.edu/wisecareers_business.