SEATTLE (AP) — A new ruling in Washington state requires Boeing and other aerospace firms to begin disclosing savings from some of their biggest tax breaks.
The Seattle Times reports (http://bit.ly/1PNBU4K) that the state Department of Revenue reversed its previous decision on the issue after the newspaper challenged the tax agency’s interpretation of a transparency law passed in 2013.
The department previously said Boeing and other firms wouldn’t have to reveal their savings for a decade. But a department executive sent a letter to The Seattle Times this week to say the agency reconsidered and will require disclosures beginning this year.
The agency says it told Boeing and hundreds of other aerospace firms that they must publicly disclose their tax-break benefits for 2014 and 2015 by early May.
