OLYMPIA — Gov. Jay Inslee signed legislation Monday revising, broadening and extending a property tax break which has helped Arlington and Marysville bring new businesses to the Cascade Industrial Center.
Inslee signed House Bill 1386 to extend a 2015 law which had allowed only those two cities plus Lake Stevens to let new manufacturing businesses avoid paying a share of local property taxes under certain conditions. The new law makes the incentive available for use by all cities.
To be eligible, a firm must create and maintain at least 25 “family living wage” jobs defined as paying an average of $23 per hour and provide health care benefits. Also, an industrial or manufacturing facility must be at least 10,000 square feet with an improvement value of at least $800,000.
The law expands the types of industries which are eligible and directs cities to give priority to those that pay prevailing wage rates, contract with women-, minority- and veteran-owned businesses, and hire locally. A tax break can be revoked and companies required to pay back taxes if they fail to maintain the minimum number of jobs.