Boeing avoided nearly $20 million in sales taxes last year
SEATTLE (AP) — Boeing avoided nearly $20 million in sales taxes last year thanks to tax breaks approved by politicians to keep the aerospace giant building jets in Everett.
The Seattle Times reports that records it obtained from the state Department of Revenue reveal the company’s savings from a tax-incentive package approved two years ago.
In addition to the sales-tax exemption, the package included savings from a hefty reduction in the state tax on business revenues.
The disclosure of the sales-tax savings was significant because it’s the first time savings claimed by Boeing from part of the suite of aerospace tax breaks has been made public.
It was made possible by a transparency provision in a bill approved by the Legislature in 2013.
The provision requires tax savings claimed by businesses to be made public within two years for any new or expanded tax break passed by lawmakers.