As part of the state of Washington, Kitsap County offers an extremely favorable tax environment for business and citizens. Washington state ranks fifth highest on the Small Business Survival Index and requires a two-thirds legislative majority to raise taxes.
- does not have a personal or corporate income tax;
- does not have an inventory tax;
- does not impose a tax on intangible assets, such as bank accounts, stocks, or bonds and
- does not assess any tax on retirement income earned and received from another state.
Washington also offers several tax incentives that make it an attractive place to do business, including manufacturers’ sales and use tax deferrals and exemptions, a high tech sales and use tax deferral, high tech business and occupation tax credit programs, and a warehouse sales tax exemption program.
For more information on these tax incentive options, and to see if your business might qualify, visit the Incentive Programs: Deferrals, Exemptions, and Credits section of the Washington State Department of Revenue website or call 800-647-7706.
Other incentives for business include the HUBZone Empowerment Contracting Program. The SBA HUBZone Empowerment Contracting Program provides federal contracting opportunities for qualified small businesses located in distressed areas. Fostering the growth of these federal contractors as viable businesses, for the long term, helps to empower communities, create jobs, and attract private investment.