Main Street Tax Credit Incentive Program
The Bainbridge Island Downtown Association is pleased to announce the opportunity to put your B&O tax dollars to work here on Bainbridge Island.
In 2005, BIDA worked with other revitalization programs across the state to introduce and help pass legislation creating a B&O Tax Credit Incentive Program for businesses investing in local downtown revitalization programs like ours.
If you make a contribution to BIDA before December 31, 2008:
The full amount of your contribution qualifies as a 501(c)(3) charitable deduction on your 2008 federal income tax return.
AND
75% of your donation is returned to you via B&O tax credits in 2009.
AND
You receive free BIDA membership if your donation is $1,500 or more and made before June 30.
In 2008, $1.5 million in tax credits is available statewide. BIDA can receive up to $133,333 in contributions. Approvals are given each year on a first-come, first-served basis as of January 1.
BIDA is pleased to offer you this opportunity to invest a portion of your B&O tax dollars in our community and simultaneously benefit your business. We hope that you will consider this unique opportunity.
How do I participate?
-
Sign up to e-file with the Washington State Department of Revenue at www.dor.wa.gov.
-
From there, click on Doing Business, then My Account, and Apply for Main Street Tax Credit.
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Select BIDA as the recipient and enter your contribution amount.
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Send your business contact information, UBI number, and contribution date and amount to BIDA, even if you plan to send your check at a later date.
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Write a check in the amount of your contribution to Bainbridge Island Downtown Association. All checks must be received no later than December 31, 2008.
Examples
If your check is in the amount of: |
Bainbridge Island Downtown Association receives: |
The amount you take as a 501(c)(3) charitable deduction for 2008: |
The amount you receive as a B&O tax credit for 2009: |
Your out of pocket expense: |
Your expense if you take advantage of a free membership by contributing before June 30th*: |
The amount your deduction reduces your taxable income if you’re in the 20% Tax Bracket**: |
$ 1,000.00 |
$ 1,000.00 |
$ 1,000.00 |
$ 750.00 |
$ 250.00 |
$ 250.00 |
$ 200.00 |
$ 1,500.00 |
$ 1,500.00 |
$ 1,500.00 |
$ 1,125.00 |
$ 375.00 |
$ 150.00 |
$ 300.00 |
$ 2,000.00 |
$ 2,000.00 |
$ 2,000.00 |
$ 1,500.00 |
$ 500.00 |
$ 275.00 |
$ 400.00 |
$ 2,500.00 |
$ 2,500.00 |
$ 2,500.00 |
$ 1,875.00 |
$ 625.00 |
$ 400.00 |
$ 500.00 |
$ 3,000.00 |
$ 3,000.00 |
$ 3,000.00 |
$ 2,250.00 |
$ 750.00 |
$ 525.00 |
$ 600.00 |
$ 4,000.00 |
$ 4,000.00 |
$ 4,000.00 |
$ 3,000.00 |
$ 1,000.00 |
$ 775.00 |
$ 800.00 |
$ 5,000.00 |
$ 5,000.00 |
$ 5,000.00 |
$ 3,750.00 |
$ 1,250.00 |
$ 1,025.00 |
$ 1,000.00 |
$ 7,500.00 |
$ 7,500.00 |
$ 7,500.00 |
$ 5,625.00 |
$ 1,875.00 |
$ 1,650.00 |
$ 1,500.00 |
$ 10,000.00 |
$ 10,000.00 |
$ 10,000.00 |
$ 7,500.00 |
$ 2,500.00 |
$ 2,275.00 |
$ 2,000.00 |
*Free membership not available for contributions less than $1,500 or for donations made after 6/30/2008.
**Please note this number will vary based on your particular circumstances and is offered only as an example and is not intended as tax advice. Please check with your tax advisor.
Thank you to our 2007 participants:
Will Langemack, LTD ▪ American Marine Bank
Town & Country Markets ▪ Paper Products, Etc. ▪ Dana’s Showhouse
Sage Manufacturing, Inc. ▪ Eagle Harbor Book Co.
Heart ▪ Blinx ▪ The Lynwood Theater ▪ The Traveler