Boeing publicly discloses 2015 savings from state tax breaks
OLYMPIA, Wash. (AP) — Boeing says it saved $305 million through state tax breaks last year, marking the first time the company has been required by law to publicly disclose such information.
In a written statement issued Friday, the aerospace giant also noted that it invested more than $13 billion in the state in 2015.
The disclosure — to be filed with the state Department of Revenue by Monday — is a new requirement under a tax-incentive transparency law passed in 2013 that affects Boeing and hundreds of other aerospace firms in the state.
Later that year, the Legislature approved a suite of tax incentives aimed at Boeing and the aerospace sector meant to ensure that the 777X was produced in Everett. Most of the tax breaks were first approved in 2003 and set to expire in 2024, but the new legislation extended them until 2040.