The official site of the City of Renton


aerospace incentives

You are here : Business : Information for Businesses : Incentives and Benefits

Aerospace

 

 

Aerospace B&O Credit  

Available to:  

Businesses who develop, design, and engineer commercial airplanes or component parts of commercial airplanes.   

Benefit Activity:  

Provides a B&O tax credit for expenditures for aerospace preproduction development. The B&O tax credit is equal to 1.5% of qualified preproduction development expenditures.  

Reduced B&O Tax Rate for Aerospace Businesses    

Available to: 

Manufacturers and processors for hire of commercial airplanes or component parts of commercial airplanes, non-manufacturers engaged in the business of aerospace product development, certificated FAR repair stations making retail sales, and aerospace tooling manufacturers. 

Benefit:  

Businesses receive a reduced B&O tax rate (the new rate is .002904 - a reduction of 40%)  

  

Aerospace industry B&O tax credit for property tax paid   

Available to:  

Businesses that manufacture commercial airplanes or component parts of commercial airplanes. 

Benefit Activity:  

B&O tax credit equal to the property taxes paid on new buildings, the land upon which the new building are located; and property taxes attributable to the renovation or expansion of buildings used exclusively in the manufacturing of commercial airplanes or component parts of commercial airplanes.