Economic Development Program Incentives

Overview

Economic development incentives are offered by federal, state, and local governments as well as regional economic development organizations. These incentives can include tax incentives, financial assistance such as loan programs, infrastructure development, green incentives, industrial revenue bonds, and fast-track permitting.

Examples of Incentive Programs

This section includes examples of regional, countywide, and city economic incentives. Economic development councils (EDCs) typically support business expansion and retention and help to attract new businesses to the area.

• Washington State Department of Commerce: Choose Washington
• Washington Department of Revenue: Incentive Programs

County Business Development Programs

• Cowlitz County Economic Development Council Incentives
• Greater Grays Harbor Do Business Here
• King County Small Business Accelerator
• Klickitat County Port District Business Incentives In Klickitat County
• Mason County Economic Development Council Incentives
• Skamania County Economic Development Council Business Resources
• Tacoma-Pierce County Economic Development Board Incentives & Operational Savings 
• Yakima County Development Association Incentives and Business Support

City Business Development Programs

• Auburn Incentives
• Renton Exemptions and Deductions
• Seattle Doing Business in Seattle – List of frequently asked questions for small businesses
• Snohomish Resolution No. 1272 (2011) – Authorizes the city manager to negotiate with private entities for development investments utilizing the Build Snohomish economic incentive program.
• Tacoma Business Incentives – Includes a variety of loan and tax credit/incentive programs

Recommended Resources

• Government Finance Officers Association (GFOA) Best Practices:
  • Administering Economic Development Agreements
  • Coordinating Economic Development and Capital Planning
• Washington State Institute for Public Policy: Economic Development Accountability Laws (2004) – Discusses three general categories of economic development accountability provisions: qualifying conditions, disclosure, and enforcement
• Federal Reserve Bulletin: Economic Development Incentives: Research Approaches and Current Views (2008) – Includes ways to assess the effectiveness of economic incentives
• MainStreet Now: Cool Economic Development Tools (2010)
• National Association of State Development Agencies: Evaluating Business Development Incentives (1999) – Older but still useful