HB 2482 received unanimous approval from the House of Representatives
A bipartisan bill from Rep. Paul Harris that would reinstate semiconductor tax incentives is moving to the Senate. The Washington State House of Representatives unanimously voted in favor of House Bill 2482 on Monday, which would extend two tax preferences for semiconductor manufacturing until Jan. 1, 2034.
The bill would also reinstate six tax preferences that expired on Jan. 1, 2024, until Jan. 1, 2034, contingent on new industry investment.
“I brought this bill forward because we have two semiconductor manufacturers in Southwest Washington that together provide more than 3,000 jobs to our communities,” said Harris, R-Vancouver. “They both operate in a global economy, and they need to continue to be competitive in a world market. This bill would help them do that and would help us keep these jobs in our area.”
Under House Bill 2482, the six expired tax preferences would be reinstated contingent upon the construction of a new semiconductor manufacturing fabrication built by Jan. 1, 2034, with an investment of at least $1 billion in buildings and equipment.
“These companies came to our little area of the world for two reasons: a strong workforce and clean and affordable energy,” said Harris. “Currently they both pay roughly $1 million a month for their electricity, and that price will be going up by an additional $125,000 a month due to a recent increase in rates in our area.
“They need this tax exemption reinstated. These are phenomenal companies that provide great jobs to the people of Southwest Washington and a boost to our economy. They have done everything we’ve asked of them. If we help them by reinstating these incentives, they will continue to invest in our community going forward.”
In 2022 the semiconductor industry created $2.5 billion in wages and is the eighth largest export for Washington at $898 million. Semiconductor manufacturing jobs are expected to double in the next 10 years. Additionally, out of the 50,632 semiconductor manufacturing jobs in Washington, 55% of these jobs are in Clark County.
The bill now heads to the Senate for further consideration.
Information provided by Washington State House Republicans,
houserepublicans.wa.gov
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