OLYMPIA – A local lawmaker has introduced bills he says will pump up economies in rural Washington.
24th District Representative Mike Chapman introduced five pieces of legislation the first week of the 2019 session. Two of them he says are key to improving economic conditions in small towns. He says areas like Port Angeles and Sequim are ripe for growth, the area’s just need help keeping up with the I-5 corridor.
One bill set, up economic development and enterprise zones. The state would complement the new federal laws offering a tax break in designated census zones. The state portion of this idea would be tax credits to offset Business and Occupation taxes and insurance premium taxes to encourage new economic activity in rural development and opportunity zones.
Another bill modifies the Business and Occupation tax structure for manufacturers to encourage economic growth and lower the unemployment rate across the state, especially in rural Washington.
Chapman also introduced legislation aimed at reducing the Business and Occupation tax for manufacturers and extending an existing tax break for the timber industry that is set to expire.