Governing: “Washington state has one of the more well-established tax incentive evaluation programs in the country. “

Governing magazine reports that 20 states and most cities do not have a good system for evaluating tax incentives. Our state, however, does have a good system, reports Governing writer Liz Farmer. 

…Washington state has one of the more well-established tax incentive evaluation programs in the country.

It’s not the first time Washington has been recognized for the transparency and accountability of its tax incentives. A May 2017 report on how states are improving tax incentives for jobs and growth by Pew Research said,

Washington has one of the nation’s longest-standing and most successful tax incentive evaluation processes. These evaluations have helped lawmakers improve incentive policy.

Also in 2017, the Washington Research Council published Using Tax Policy to Promote Economic Vitality, concluding that Washington’s tax system, including incentives, works.

These policies maintain and attract new high- quality jobs, which in turn multiply into more jobs in the economy, while drawing tax revenues to the state which might otherwise go elsewhere.

The large number of national firms that have originated and first thrived here attests to a success formula that includes entrepreneurial vision, a productive workforce, and a tax code which, while not perfect, fosters business and job formation leading to substantial economic growth.

Worth remembering as the Legislature begins budget negotiations.