This bill aims to clarify the metrics used to evaluate the effectiveness of aerospace tax preferences in Washington State. It reaffirms the legislature's commitment to supporting the aerospace industry, which is recognized for providing significant employment opportunities and economic benefits to the state. The bill extends the aerospace industry tax preferences until July 1, 2040, with the intention of maintaining and growing the workforce in this sector.

Additionally, the bill mandates that the joint legislative audit and review committee conduct regular assessments of the tax preferences, specifically focusing on changes in aerospace employment in Washington compared to other states and internationally. Starting with the review due by December 1, 2029, the committee will analyze the share of aerospace employment in Washington based on a rolling five-year average and consider various factors that may impact employment levels. If the review indicates that Washington's aerospace employment remains stable or increases relative to other states, the legislature intends to extend the expiration dates of the tax incentives.