May 25th, 2019
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Sirti Bestows Award of Honor
October 21, 2010. Billie Moreland, PhD, of Billie Moreland and Associates and Steve Simmons, PhD, E...

Triangle %u201CGraduates%u201D at Sweet Sixteen
The Idea (1994)
In June 1994, while on a layover in the San Francisco airport, Dr. Steve Simmons cam...

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08/30/2001 - Empowerment Zone Aids Terabyte Triangle

The Terabyte Triangle has another Economic Development tool. Mike Adolfae and the City of Spokane Community Development office worked long and hard to write a winning grant. Their hard work achieved a Washington State Office of Trade and Economic Development Community Empowerment Zone designation. According to Adolfae, the Terabyte Triangle web site with its achieved news articles was a valuable tool in collecting the information needed for the grant proposal.

The intent of the Empowerment Zone program is to stimulate economic development in designated neighborhoods through tax incentives. There are three tax incentives available to businesses in manufacturing, research and development, information technology enterprises, and for some types of employee training. These tax incentives include new business Sales and Use tax deferral, Business and Occupation New Job Tax credit, and Business and Occupation Employee Training credit. Businesses must apply for qualification.

Sales and Use tax may be deferred for construction and equipment costs for qualified business located or expanding within a Community Empowerment Zone (CEZ). There are, of course, specific performance measures. For Sales and Use tax deferral, there must be at least one qualified employment position created for every $750,000 invested in the new location. Persons who are residents of the CEZ must fill the new position. The new employee must be hired within the investment year.

The Business and Occupation New Job tax credit provides a $2,000 credit for each new position with annual wages and benefits exceeding $40,000. Other requirements are that the business must be in the CEZ; the business must either create a new work force, or expand their current work force by 15%; and all positions must be filled for a designated number of months. Credit is only for full-time positions. Businesses who are receiving the sales and use tax deferment are not eligible for this credit, and any additional positions created after the application is approved are not eligible for this credit.

Business and Occupation Employee Training Credit provides a tax credit up to $5,000 annually for employers who train CEZ workers. This credit is computed by multiplying training costs by 20%--not to exceed $5,000. The credit is applied directly to the employer’s Business and Occupation tax. This training must be designed to enhance performance as interpreted and approved by the Washington State Department of Employment Security. The application for this credit must include two copies of the training application; a description of the training, and how it will improve performance; cost of training and the number of employees who will receive the training; and certification that the training will be at no cost to the employees.

The number of tax credits available is limited and granted on a first come basis. For more information contact Mark Turner or Ken Olson at the Spokane Area Economic Development Council. – Billie Moreland

Billie Moreland
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