Aircraft facilities, port property

From the 2024 DOR Tax Exemption Study

84.36.655 - Aircraft facilities, port property Description Facilities used to manufacture superefficient airplanes which are located on property owned by a port district are exempt from property tax. The exemption covers buildings, machinery, equipment, and other personal property owned by a lessee of port district property. The exemption expires July 1, 2040. The exemption is not available if the manufacturer takes the B&O tax credit for property and leasehold taxes paid on property used to manufacture commercial airplanes. Purpose Encourages establishment of a superefficient airplane manufacturing facility in Washington. This exemption requires that such a facility would be located on port district property. As such, it addresses the personal property component of the facility as the real property is likely to be publicly owned. 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 a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. I