The study focused on two 18-year-old programs that are set to expire Jan. 1, 2015: a sales and use tax deferral/exemption for research and development facilities and equipment, and the business and occupation (B&O) tax credit for expenditures on research and development.
Among the highlights of the study:
- From 1995 through 2012, 383 businesses invested approximately $8.2 billion in facilities, machinery and equipment which quality for the high tech deferral.
- State and local sales and use taxes deferred for high tech projects are estimated at $692.9 million.
- 86 percent of new employees hired in 2012 by businesses taking the incentives were Washington residents.
Click here to view the full study.
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