Finance

VIDEO: Washington State's Tax Breaks for Boeing

The legislature's unusually short three-day special session delivered on half of what the company wanted; the rest is in the hands of unionized machinists.
by | November 11, 2013
 

Over the weekend, the Washington state legislature rushed through an $8.7 billion package of tax breaks in a high stakes gambit to keep the manufacture of Boeing’s new 777X jet in the state.

The Chicago-based company is entertaining offers from 27 other states for the advanced manufacturing platform. Gov. Jay Inslee (D) called the legislature into a three-day special session -- the third such session this year -- to approve the package, the expedited nature of which frustrated legislators including those of his own party.

With the legislative hurdle cleared, the focus shifts to a vote by Boeing machinists in the state who are deciding on a contract extension that increases pay while making significant cuts to both pension and healthcare provisions. The results of the balloting are expected on Wednesday.

The aersospace company says it needs both the legislative package and labor concessions in order to make Washington state a viable location for the new production line.

We have recapped the unusually quick three-day special session in an even faster 2-minute video.

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