Incentives are available for businesses in Mason County. The EDC is a one-stop-shop for information on grants, tax credits, workforce programs, available bonds and funding sources. View the list below to get an idea of what is available and then contact us to discuss programs in further detail.
When access roads and rail lines, sewer and water extensions, or some other public improvement is needed to spur private sector investments in King County, the revolving loan and grant program of the Community Economic Revitalization Board may be utilized. CERB monies are awarded to local communities on an “as needed” basis for public works projects.Learn More
Washington State currently has eleven designated foreign trade zones. These are legally secured areas outside the nation’s custom territory that operate as duty-free areas. Firms pay no tariffs on any imported raw materials used to create their products when the products are shipped overseas. If these products are sold in the U.S., companies pay duty only when the products are shipped and only on that portion of foreign materials that actually went into the product, not the waste. Foreign and domestic goods may be processed or stored without payment of customs duties and without being subject to other regulations normally applied to customs entries. Materials maybe sorted, reassembled, repackaged, manipulated, processed, used in manufacturing, or stored in the Foreign Trade Zone.Learn More
Industrial Revenue Bonds (IRBs) serve to finance the acquisition, construction, enlargement or improvement of industrial development facilities. These bonds are issued by local governments to honor that purpose. The key advantage of IRBs lies in their tax-exempt status. Interest paid to the buyer of the bonds is not subject to federal income tax. As a result, the bond buyer will accept a lower rate of interest on the bonds.Learn More
- Unincorporated Retail Sales Tax 8.30%
- City Retail Sales Tax 8.30%
- State Occupation Tax 0.00484% on gross receipts (most manufactures)
- Property Tax Rates Average for 2005 is $11.49 (assessed per $1000 value on property)
- No unitary tax.
- No tax on interest, dividends, or capital gains.
- No local county B & O tax (in qualifying areas).
If qualified, processors for hire and manufacturers conducting research and development are not required to pay local or state sales or use tax on machinery and equipment used directly in the manufacturing or research and development process. In addition, charges for labor and services for installing machinery and equipment are exempt from the sales or use tax.Learn More
The Washington Economic Development Finance Authority (WEDFA) is a public corporation of the state authorized to issue nonrecourse tax-exempt and taxable economic development revenue bonds. The Tax-Exempt Manufacturing and Processing Equipment Financing Program (TEMPE) allows bond interest to be exempt from federal income tax. This program is designed for equipment financings of $250,000 or greater.Learn More