If you are considering doing business with the Port of Anacortes, we have several economic incentives that you may qualify for. Below are a few of the programs available to you for doing business with the Port of Anacortes. From our incredible quality of life to our open and welcoming business atmosphere, the Port of Anacortes is the place for you!
For more information about locating your business at the Port of Anacortes, please contact John Hachey, Director of Operations & Facilities at (360) 299-1829 or at johnh@portofanacortes.com.
Benefits of Re-locating your company to Anacortes:
- Deferrals, Exemptions and Credits
- New and existing manufacturers, research and development firms, and certain high technology companies in Washington can benefit from several targeted tax incentives. These incentives are intended to encourage the preservation and creation of family sectors, particularly in areas where high unemployment exists.
- Manufacturer's Sales/Use Tax Exemption
- Manufacturers, processors for hire and manufacturers who perform research and development are not required to pay the sales or use tax on machinery and equipment used directly in the manufacturing or research operations. Charges for labor or services for installing the machinery and equipment are also not subject to the sales or use tax.
- High Technology Sales/Use Tax Deferral
- Businesses in the following research and development technology categories may be eligible, they must start new research and development technology categories may be eligible for sales/use tax deferral. The be eligible, they must start new research and development or pilot scale manufacturing operations, or expand or diversify a current operation by expanding, renovating or equipping an existing facility anywhere in Washington. The technology categories are:
- Advanced computing
- Advanced materials
- Biotechnology
- Electronic device technology
- Environmental technology
- Businesses in the following research and development technology categories may be eligible, they must start new research and development technology categories may be eligible for sales/use tax deferral. The be eligible, they must start new research and development or pilot scale manufacturing operations, or expand or diversify a current operation by expanding, renovating or equipping an existing facility anywhere in Washington. The technology categories are:
- High Technology Business and Occupation Tax Credit
- An annual credit of up to $2 million is allowed for businesses that perform research and development in Washington under specified high tech categories AND meet the minimum expense requirements. The credit cannot exceed the amount of the business and occupation (B&O) tax due during the year the credit is taken. The credit rates follows:
- Nonprofit corporation or association--.484 percent (.00484) of expenses
- For profit businesses-1.5% (.015) of expenses.
- The technology categories are:
- Advanced computing
- Advanced materials
- Biotechnology
- Electronic device technology
- Environmental technology
- Distressed Area Sales/Use Tax Deferral Program
- The Distressed Area Sales/Use Tax Deferral Program grants a deferral of sales/use tax for manufacturing, research and development, or computer-related businesses (excluding light and power businesses) locating in specific geographical areas. The sales/use taxes on qualified construction and equipment costs are waived when all qualifications are met for a specified period of time.
- Distressed Area Business and Occupation Tax Credit for New Employees
- The Distressed Area Business and Occupation (B&O) Tax Credit Program for New Employees provides a $2,000 credit for $40,000 or less; or a credit of $4,000 for each new employment position with wages and benefits over $40,000 annually, with applications approved July 1, 1997 and there after. The credit is taken against the B&O tax for each new employment position filled and maintained by qualified businesses located in eligible areas.
- Industrial Development Bonds
- The Port of Anacortes may issue nonrecourse revenue bonds for a savings of 2-4% on interest rates. These bonds must be tax-exempt and the borrower must own their own land. Eligible bond projects include:
- Manufacturing / processing
- Solid Waste
- Airports and Marine Terminals
- Water or Sewer Facilities
- Transportation Projects
- The Port of Anacortes may issue nonrecourse revenue bonds for a savings of 2-4% on interest rates. These bonds must be tax-exempt and the borrower must own their own land. Eligible bond projects include:
Page updated on 07-May-2009
- An annual credit of up to $2 million is allowed for businesses that perform research and development in Washington under specified high tech categories AND meet the minimum expense requirements. The credit cannot exceed the amount of the business and occupation (B&O) tax due during the year the credit is taken. The credit rates follows: