Dear neighbors,
Last month, I joined my fellow lawmakers on the House Finance Committee in Vancouver to review local tax financing tools that encourage economic growth. The finance committee is responsible for overseeing revenue and tax policy that funds the state budget. Collecting and spending the state’s financial resources wisely and in a way that meets the needs of our families, businesses, and the most vulnerable is critical in creating shared economic prosperity for all Washingtonians.
During our meeting and tour of projects built because of incentives the legislature authorized, it was remarkable to see how these tools are being used across our state to transform under-utilized areas into beautiful developments, create good paying jobs and generate economic growth in both rural and urban communities.
Tools like tax increment financing (TIF), which was authorized in 2021, allows entities like the Port of Vancouver to create special areas where the taxes on property value increases go towards the infrastructure needed to support those projects. For example, TIF revenues from development in a designated area will help rebuild Vancouver’s Terminal 1 dock and fund public marketplaces. You can learn more about this project in this article from The Columbian. Another great example of how municipalities are utilizing this tool is at the Port of Walla Walla where officials are finalizing a plan to create a TIF area for funding essential port functions and boosting the county’s economic viability.
While Washington is on the right path to maintain its position as an economic leader nationally, there is more work to be done to ensure that people in all corners of our state benefit from economic prosperity. Recently, the Lieutenant Governor’s Economic Development and International relations Committee visited Taiwan for a meeting with Taiwanese economic and trade officials.
Our trip helped us deepen relationships with Taiwan and learn about different approaches to solving common problems. Washington’s presence on the world stage matters, and the Lieutenant Governor, the members of the Committee, and I have returned to Washington reinvigorated with policy ideas for addressing workforce shortages, building renewable energy-based infrastructure, and improving trade relationships with global companies that operate in Washington.
Looking Ahead
I am proud to serve as Chair of the House Committee on Consumer Protection and Business, which, will be meeting to discuss insurance pricing, how climate disasters jeopardize our insurance market, consumer education on banking issues, and the licensing and regulation of data Brokers and data analytics. As we ramp up for the 2024 legislative session, this committee and my colleagues will begin developing policies.
To ensure that your priorities and perspectives help drive the 2024 legislative session and the work we accomplish on your behalf, I encourage you share your thoughts in this survey or by emailing me. Thank you for all you do!
In Service,
State Representative Amy Walen
48th Legislative District