The Basics: 

How to Participate

& Tax Credit Amounts

Main Street

TAX CREDIT INCENTIVE PROGRAM

THE BASICS:
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

$1,000 contribution

= $750 tax credit

= $250 out of pocket donation*

= $1,000 that supports downtown revitalization

$2,500 contribution

= $1,875 tax credit

= $625 out of pocket donation*

= $2,500 that supports downtown revitalization

$5,000 contribution

= $3,750 tax credit

= $1,250 out of pocket donation*

= $5,000 that supports downtown revitalization

$7,500 contribution

= $5,625 tax credit

= $1,875 out of pocket donation*

= $7,500 that supports downtown revitalization

$10,000 contribution

= $7,500 tax credit

= $2,500 out of pocket donation*

= $10,000 that supports downtown revitalization

1.

Sign up to contribute via e-file through the Washington State Department of Revenue HERE by March 31!

2.

Click on Doing Business, then My Account, and Apply for Main Street Tax Credit.

3.

Select Stevenson Downtown Association as the recipient and enter your contribution amount.

4.

Wait for the approval from the DOR prior to making your contribution to the Stevenson Downtown Association.

5.

Send a check in the amount of your approved contribution to Stevenson Downtown Association. Contact us to be invoiced (monthly, quarterly, or total). Full amount due to SDA before November 1, 2021.

6.

In January 2022, when you go to pay your B&O online, you will have the credit available in your account.

*Eligible for a federal income tax deduction as a charitable contribution to SDA, a 503(c)3 non-profit organization.

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As a Main Street America AffiliateTM, the Stevenson Downtown Association is part of a national network of more than 1,200 neighborhoods and communities who share both a commitment to creating high-quality places and to building stronger communities through preservation-based economic development.

© 2020 by Stevenson Downtown Association.