House Bill 2772, sponsored by Rep. Mike Hope, would encourage new manufacturing businesses and help create jobs while protecting the environment. No small feat in this year’s legislative session.
“Currently, over 1,000 acres of real estate in Marysville sits empty, awaiting businesses to come and build and attract new revenue. Unfortunately, Marysville, and other cities like it, lacks the adequate tools to encourage new businesses and job growth in this economic recession,” said Hope, R-Lake Stevens.
HB 2722 helps create a 10 year property tax exemption for new manufacturing businesses, as long as they meet certain criteria under this proposed state law. For businesses to qualify for this tax exemption, it would require of them to create of a minimum of 25 family living wage jobs within one year of building completion.
“This bill is a real opportunity for our State Legislature to act decisively in favor of local job creation,” said Marysville Mayor, Jon Nehring.
Since the tax break would only apply to new or expanded businesses, the current tax structure would not be changed and there would be no impact on current tax revenue.
“Schools, fire departments and other necessary public facilities would continue to be funded at their current levels. Meanwhile, the tax exemption for new construction will make the difference between a business coming to our district or going somewhere else,” said Hope.
Additional stipulations attached to HB 2722 would ensure that environmental protections run concurrent with business development throughout the district. A population requirement of at least 50,000 people alongside a stipulation mandating that unused or underdeveloped industrial-zoned land will help ensure sustainability for the next generation.
The bill is likely to get a hearing in House Ways and Means Committee later this week.