How to Participate
& Tax Credit Amounts
TAX CREDIT INCENTIVE PROGRAM
Keeping your state B&O and Public Utility Taxes local!
The Main Street Tax Credit Incentive Program (MSTCIP) provides a Business & Occupation (B&O) or Public Utility tax (PUT) credit for private contributions given to eligible downtown organizations, like Stevenson Downtown Association.
Eligible community organizations – like Stevenson Downtown Association -– can receive contributions totaling up to $133,333.33 per calendar year through the MSTCIP.
In return for a contribution, businesses earn a 75% state B&O tax credit on that amount, essentially re-directing their taxes locally.
Businesses must be registered to file their state excise tax electronically in order to participate.
A pledge to contribute must be submitted online through the Department of Revenue website, with the Stevenson Downtown Association selected as the credited community.
The pledged contribution can be spread out throughout the calendar year, but the full amount must be received by the Stevenson Downtown Association online or with a check by November 1, 2021.
The business must take the tax credit the following year the donation is made – the tax credit cannot be carried forward.
TAX CREDIT EXAMPLES
= $750 tax credit
= $250 out of pocket donation*
= $1,000 that supports downtown revitalization
= $1,875 tax credit
= $625 out of pocket donation*
= $2,500 that supports downtown revitalization
= $3,750 tax credit
= $1,250 out of pocket donation*
= $5,000 that supports downtown revitalization
= $5,625 tax credit
= $1,875 out of pocket donation*
= $7,500 that supports downtown revitalization
= $7,500 tax credit
= $2,500 out of pocket donation*
= $10,000 that supports downtown revitalization
*Eligible for a federal income tax deduction as a charitable contribution to SDA, a 503(c)3 non-profit organization.