KENNEWICK, Wash. -- The Senate on Monday convened in special session and re-approved a measure to provide a tax credit to small businesses that create jobs.
Senate Bill 5899 passed 44-0. It would give businesses with 20 or fewer employees that add jobs to the payroll with a business and occupation tax credit. The value of the tax credit, capped at $4,000 for every new job created, would increase with the wages paid.
"I've met with business owners who are actually doing all right even in the current environment," said Sen. Derek Kilmer, a Gig Harobor Democrat who sponsored the bill. "They'd consider hiring , but they're anxious about the economy. An incentive like this can provide a helpful push to grow jobs in our state."
Business will apply to the Department of Revenue to receive the credit and total state funding is capped at $10 million a year.
The bill now goes to Governor Gregoire for approval.