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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 Washington Main Street community organizations – like the Stevenson Downtown Association -– can receive contributions through the Main Street Tax Credit Incentive Program.

  • Businesses earn a state B&O tax credit of 75% of their contributed amount, essentially re-directing these taxes to local economic revitalization.

  • 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 by November 1, 2023.

  • Participating businesses must take the tax credit the following year the donation is made – the tax credit cannot be carried forward.

  • A business may apply for up to $250,000 in credits each year.

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.

Submit a contribution request through your WA Department of Revenue account at dor.wa.gov by March 31, 2023.

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.

We will invoice you, and you'll send a check made payable to Stevenson Downtown Association. Full amount due to by November 1, 2023.

6.

In January 2024, you will have the tax credit (worth 75% of your contribution) available in your DOR 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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