Renewal Community
Companies expanding in Yakima County can tap into a
variety of tax, financing, and employee training incentives. New Vision
works closely with both existing and new companies to ensure firms are
best able to take full advantage of the programs that can save
businesses time or money.
Industrial Revenue Bonds
Local public corporations may issue tax-exempt Industrial Revenue Bonds on behalf of private companies. Because interest payments to IRB buyers are not subject to federal income tax, bonds can subsequently be sold at lower interest rates. This may greatly reduce project cost. Expenses that are eligible for IRB financing include: property acquisition, machinery and equipment, design, consulting, legal, and accounting services, and financing costs. For issuing process and application call 575-1140.
Sales Tax Exemptions
Yakima County offers a sales tax exemption on buildings, equipment, and machinery used in manufacturing, research and development, or computer-related businesses. A qualified business can utilize a sales tax exemption on the entire amount of capital invested in project construction and installation. This exemption program also exempts taxes on construction labor, equipment installation, equipment replacement parts with a life of over one year, and repair labor.
B & O Tax Credits
Businesses locating in Yakima County are eligible for a credit against the state business and occupation (B&O) tax. Manufacturing, computer services, and research and development firms can claim a $2000/employee B&O tax credit (or $4000 per employee when wages and benefits exceed $40,000 per year). Up to $5000 of additional B&O tax credits are available to companies that provide job training programs cost-free to their employees. This credit is worth up to 20 percent of total approved training costs.
Renewal Community Program
Tax credits and resources are available for businesses located within the City of Yakima's downtown or eastside area. Incentives include tax credit of up to $2,400 for new hires from high-unemployment groups, facility bonds for low-interest loans and tax credits for equity investors in qualified community development activities.
Employment Training
The Washington State Jobs Skills Program provides matching grants for customized job training. The program is tailored to meet the needs of new or expanding employers. The program requires a 50 percent matching investment from the company, but this match can include in-kind contributions (ex. use of facilities or equipment, training instruction, etc). The Tri-Valley Private Industry Council (PIC) can also subsidize on-the-job or customized training for new companies. The PIC works closely with local vocational schools and community colleges to design and fund training that meets an expanding employer’s needs.
Site Development Assistance
An expanding company in
Yakima County can benefit from a state-financed infrastructure fund
which can lower the cost of providing access roads, rail lines, sewer
and water extension, or other public works needed for industrial
development. Yakima County also offers funds through its SIED
(Supporting Investments in Economic Development) program that can be
used to offset or reduce costs of a non-retail development project. Job
creation and capital investment are crucial criteria needed to trigger
access to state and local infrastructure financing programs. For issuing
process and application call 575-1140.
Fast Track Permitting
Yakima County and its municipalities are committed to reduce roadblocks and paperwork that stand in the way of private investment projects. Permits and licenses can generally be approved within 30-60 days from the time a company submits completed applications. Expect excellent customer service, and look to the Yakima Valley if you want a project to unfold on your terms and timelines.
