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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionCity of Seattle
Jurisdiction type: Municipality
Fiscal year ending In2020
Program nameHigh Technology
Program purpose: Job Creation/Retention
Statutory authority: Chapter 82.63 RCW
Abating jurisdiction(s): State of Washington
Applicable taxesSales and Use Tax
Method of abatement: Tax waiver
Provisions for recapture: If the investment project is used for any other purpose at any time during the calendar year in which the investment is certified as operationally complete, or during the next seven calendar years, a portion of the deferred taxes must be repaid immediately. The portion due is determined by a sliding scale ranging from 100 percent recapture in the year the project is operationally complete to 12.5 percent recapture in year eight.
Gross revenue loss: $10,507,000
Reimbursement / offset: $0
Net revenue loss: $10,507,000
Type of loss: Passive
Additional notes on dislosure(none)
Document sourcehttps://www.seattle.gov/city-finance/financial-and-audit-reports/annual-...