Tax Incentives/Financing Opportunities
Businesses in Snohomish County benefit from a wide range of tax incentives, exemptions and deferrals. For complete information, please visit the Washington state Department of Revenue tax incentive website or contact the department at 1-800-647-7706.
In Snohomish County and Washington State, businesses pay:
- No corporate income tax
- No unitary tax
- No inventory tax
- No personal income tax
- No tax on interest, dividends or capital gains
Businesses in Snohomish County pay a business and occupation (B&O) tax based on gross receipts, and state and local property tax with annual increases subject to statutory limitations. Information on Snohomish County property taxes is available from the Snohomish County Assessor’s Office.
More information on Washington State tax rates and policies is available from the Washington State Department of Revenue.
Employers hiring veterans may be eligible for special tax credits and incentives. More information is available through the U.S. Department of Veterans Affairs Veterans Opportunity to Work web portal.
Special Tax Incentive Zones
Special tax incentive zones in Snohomish County include an International Services District in Everett where business and occupation (B&O) tax credits are available for employers creating new jobs dedicated to providing certain services to international customers. For more information, visit the Washington State Department of Revenue’s tax incentive website and related FAQ sheet (PDF).
Looking for grants, loans, and other financing resources to start or grow your business?
Snohomish County offers funding for affordable housing, public facility, infrastructure, and service projects available under the following programs: Community Development Block Grant (CDBG), HOME Investment Partnerships (HOME), Emergency Solutions Grant (ESG), and Snohomish County Affordable Housing Trust Fund (AHTF). Please refer to the county's Applications of Available Funds webpage for more information.
Tourism Promotion Area (TPA) Grant
The TPA grant is a wonderful opportunity to sponsor projects that increase overnight stays, support the improvement and development of tourism attractions, and promote tourism in new markets. This grant is awarded every month; the flexibility of this grant is its trademark. Find out more at the tax and financial page.
The purpose of the Hotel/Motel Grant is to support projects with marketing dollars that encourage tourism activities in Snohomish County and which advance the goals of Snohomish County’s 2011 Strategic Tourism Plan. Available to non-profits and municipalities, this grant is awarded once annually in October.
Regional and State Resources
Economic Alliance Snohomish County maintains a comprehensive list of financing information and resources.
Fund Local: An on-line lending platform co-sponsored by the Washington State Department of Commerce and Community Sourced Capital that enables small businesses to raise up to $50,000 through community squareholders.
Community Economic Revitalization Board (CERB): CERB provides funding to local governments and federally recognized tribes for public infrastructure which support private business growth and expansion. Eligible projects for CERB funding include domestic and industrial water, storm water, wastewater, public buildings, telecommunications and port facilities among others.
Washington Economic Development Finance Authority
Other State-Level Financing Resources (Washington State Department of Commerce)
U.S. Small Business Administration
U.S. Department of Agriculture
U.S. Department of Commerce
Small Business Innovation Research (SBIR) Program: The SBIR program encourages domestic small businesses to engage in federal research/research and development that has potential for commercialization.