GREEN Dot Bank has signed a deal with the state of Washington to get its first $2 billion in state tax credits to support the bank’s expansion into the Northwest.
The bank will get $200 million in credits, up from the $130 million the state initially offered in 2016.
The state’s tax credit is a refundable credit that allows people to file their federal income taxes on their behalf, not for the tax year they earned their income.
The credits are refundable if the tax return is filed within 10 years of filing.
The credit is worth $2,053,000 per credit and will be used to pay for the bank to expand into Seattle and other areas.
The bank has about 800 employees and was founded in 1996 in Bellevue.
The credits are part of a larger $6.5 billion tax credit package from the state that was signed into law in January.
The credit is the largest in state history and will increase the state’s revenue over the next two years, said Sen. Greg Ball, D-Seattle.
“We’re hoping that this tax credit will be a catalyst for the expansion of our economy and job creation,” Ball said.
The state is also contributing another $5 million in the form of a tax credit for small businesses.