Economic Incentives & Tax Credits
High impact incentives for small businesses in Washington
Since rugged pioneers first set eyes on our virgin forests, vast network of waterways and awe-inspiring mountain ranges, Washington State has built a reputation as a place where legendary businesses take root and flourish. More than 500,000 businesses call Washington home, creating a diverse economy where any startup can become the next Starbucks, Amazon or Expedia. While Washington businesses represent nearly every industry and category imaginable, the state focuses on nine key sectors, including aerospace, agriculture, clean energy, creative economy, forest products, ICT, life science/global health, maritime and military and defense. If your business claimed or plans to claim a WA tax incentive, you may be required to file an Annual Tax Performance Report. You must file the report by May 31 following each year you are eligible for the incentive. If you do not file reports on time, 35% or 50% of the incentive you claimed becomes immediately due and payable.
Top tax incentive programs for small and medium-sized businesses in Washington
Export Voucher Program
The State Export Voucher Program (STEP), funded in part by the US Small Business Administration, seeks to support eligible small businesses and grow their export. STEP can reimburse part of your international sales activities up to $10,000,
Extracting & Timber Manufacturing
A reduced B&O tax rate for timber extracting and manufacturing.
Manufacturers Sales and Use Tax Deferral - Eligible Investment Projects
The Manufacturer's Sales and Use Tax Deferral - Eligible Investment Projects is a tax incentive program that allows eligible manufacturers to defer the payment of sales or use tax on certain qualifying investment projects.
Sales and Use Tax Exemption for Manufacturing Machinery & Equipment (M&E)
Sales and Use Tax Exemption for Manufacturing Machinery & Equipment (M&E) is available to manufacturers and processors for hire performing manufacturing and R&D. Testing operation for a manufacturer and processor for hire.
Clean Alternative Fuel Commercial Vehicle and Vehicle Infrastructure Tax Credit
The Clean Alternative Fuel Commercial Vehicle and Vehicle Infrastructure Tax Credit is designed to encourage the adoption of clean fuels and infrastructure for commercial vehicles.
Solar Energy System and Components of Solar Energy Systems Manufacturers
A reduced B&O tax rate of 0.275% for manufacturers, manufacturers that sell their product at wholesale, and processors for hire of solar energy systems and specified components of solar energy systems using photovoltaic modules or stirling converters.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.