SIGN UP BEGINS ON JANUARY 8TH TO GET YOUR 75% TAX CREDIT! GO TO THE DOR WEBSITE ON JANUARY 8TH! CALL OR EMAIL WITH QUESTIONS. YOU MUST REGISTER ON DEPARTMENT OF REVENUE WEBSITE TO GET THE CREDIT.
The Main Street Tax Credit Incentive Program provides a Business & Occupation (B&O) or Public Utility tax (PUT) credit for private contributions given to eligible downtown organizations. Once your business’ donation request is approved by the Department of Revenue, you are eligible for a tax credit worth 75% of the contribution to your downtown revitalization organization. What other program essentially lets you self-direct your business taxes?
Your entire contribution may be deducted as Advertising or Promotion Expense on your federal tax return. AND, 75% of your Contribution is returned to you via B&O Tax credits the following year. Please contact your tax preparer or Sid Gregory, CPA at (509) 760-4613, a local Main Street Tax Credit Incentive expert. Denise, the MLBA Treasurer, is also available: email@example.com
|Your 2018 Contribution||$ 1,000.00|
|MLBA Receives||$ 1,000.00|
|2019 B&O Tax Credit||$ 750.00|
|2019 Fed. Tax Deduction||$ 1,000.00|
The Basic Facts:
- Eligible community organizations (MLBA) can receive donations totaling up to $133,333.33 per calendar year.
- Your downtown organization, Moses Lake Business Association, is part of the Washington State Main Street program.
- Don’t forget that donating to the Main Street Trust Fund helps support revitalizing downtowns across the state! Building the capacity of the statewide program provides services to existing and future downtown organizations.
How Do You Actually Get The Tax Credit?
- Businesses must be registered to file their state excise tax electronically.
- A donation request must be filled out and submitted online, but don’t worry – it’s easy! Need a cheat sheet? Email us!
- The donation can be spread out throughout the calendar year, but pledge early (and often!) to guarantee the donation is eligible! Pledged amount must be paid to MLBA by November 15, 2018.
- The business must take the tax credit the following year the donation is made – and sorry, but the tax credit can’t be carried forward and there won’t be a refund for any credit above and beyond a business’ tax liability.
Interested in participating in the Main Street Tax Credit Incentive?
For a step by step guide to sign up on the DOR Website for the Main Street Tax Credit Incentive click on the link below: