Semiconductor materials manufacturing after $1 billion investment - new jobs credit

From the 2024 DOR Tax Exemption Study

82.04.448 - Semiconductor materials manufacturing after $1 billion investment - new jobs credit Description Businesses may take a B&O tax credit of $3,000 for each new manufacturing job created in new structures that manufacture semiconductor materials up to eight consecutive years if the position is kept on a consecutive annual basis. If the employee works for less than six months during a calendar year, then the credit is reduced to half or $1,500. The credit is contingent on commencement of commercial operations by a new semiconductor materials fabrication facility with an investment in new buildings and equipment amounting to at least $1 billion. This credit expires January 1, 2024, unless the contingency is met. Purpose To retain and attract semiconductor businesses in Washington. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would not increase revenue because currently no taxpayers exemption use it. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000