Following is a new release from the Washington Democratic Legislative Business Caucus and Washington Small Business Roundtable
Legislation to bring tax relief to the small business sector is headed to the governor today after the House approved amendments made in the Senate.
Rep. Troy Kelley wrote the measure to help small businesses upgrading appliances.
“Whether the state’s experiencing good times or bad, it’s never a bad time to pass legislation helping the small business sector,” said Kelley, who himself owns a small business. “When the economy takes a downturn, small business is there first to establish new jobs.”
“I believe our economy will continue to be okay, but if not, this bill will help keep small businesses strong.”
The small business B&O tax credit, House Bill 3362, would help small businesses choosing to buy certain energy efficient appliances, such as freezers, washing machines, and ovens.
“This is the right time for a tax credit like this because it sends business owners out to spend money on infrastructure,” Kelley said. “In a way, this is a small business economic stimulus package in our state.”
The tax credit can only be realized after businesses make purchases, helping not only the purchasing business, but the companies selling the appliances.
“A lot of these smaller businesses have a hard time making the move towards new equipment. It’s impossible on tight budgets, but newer equipment saves them money and consumes less energy,” Kelley said. “Helping these businesses will provide them some relief while helping reduce our state’s energy consumption.”
Gov. Gregoire will now have the opportunity to sign the legislation into law.