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, 2010:
Part of your contribution qualifies as a 501(c)(3) charitable deduction on your 2010 federal income tax return.
AND
75% of your donation is returned to you via B&O tax credits in 2011.
In 2010, $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?
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Sign up to e-file with the Washington State Department of Revenue at www.dor.wa.gov.
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From there, click on List Of Services, then Apply for Main Street Tax Credit, and Get Started.
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Select Bainbridge Island Downtown Association as the recipient and enter your contribution amount.
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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, 2010.
Talk to a Local Tax Incentive Expert:
Eric Edenholm, CPA (206) 245-6401 eedenholm@bainbridge.net |
Cynthia Massa Bainbridge Island, WA 98110 |
Examples
| If your check is for: | BIDA receives: | Your 2011 B&O tax credit is: | Your out of pocket expense is: |
| $1,000.00 | $1,000.00 | $750.00 | $250.00 |
| $1,500.00 | $1,500.00 | $1,125.00 | $375.00 |
| $2,000.00 | $2,000.00 | $1,500.00 | $500.00 |
| $2,500.00 | $2,500.00 | $1,875.00 | $625.00 |
| $3,000.00 | $3,000.00 | $2,250.00 | $750.00 |
| $4,000.00 | $4,000.00 | $3,000.00 | $1,000.00 |
| $5,000.00 | $5,000.00 | $3,750.00 | $1,250.00 |
| $7,500.00 | $7,500.00 | $5,625.00 | $1,875.00 |
| $10,000.00 | $10,000.00 | $7,500.00 | $2,500.00 |
Part of your contribution also qualifies as a 501(c)(3)
charitable deduction on your 2010 federal tax return.
Thank you to our 2009 participants:
Bainbridge Island Ace Hardware ~ Dr. Christine Grams, DC ~ Office of Cynthia Massa ~ CM Williams & Associates ~ Dana’s Showhouse ~ Eagle Harbor Book Company ~ Fairbank Construction Company ~ MacDonald & Edenholm, PLLC ~ Paper Products, Etc. ~ Retirement Assets Management, LLC ~ SVR Design Company ~ Town & Country Market ~ The Traveler ~ Will Langemack, LTD
If you have questions or need further information, please call Andrea Mackin, Executive Director of the Bainbridge Island Downtown Association, at (206) 842-2982.