Directing Taxes Back Into Our Community
The Main Street Tax Credit Incentive Program provides a Business & Occupation (B&O) or Public Utility Tax (PUT) credit for private contributions given to eligible downtown organizations. Once your donation request is approved by the Department of Revenue, you are eligible for a tax credit worth 75% of the contribution to your downtown revitalization organization. A business can donate up to $250,000. Additionally, since the Bainbridge Island Downtown Association is a 501(c)3, you may be eligible for a federal income tax deduction as a charitable contribution.
HOW IT WORKS
In 2020; you give $1,000 to Bainbridge Island Downtown Association
In 2021; you receive $750 Tax Credit – Your Community Benefits! And in addition, you may be eligible for a federal income tax deduction as a charitable contribution.
There is a state cap on Main Street tax credits of $2.5 million per year. For 2019, new Administrative rules allocated a fair share of $95,228.09 to each of 34 Washington State Main Street communities during the first open participation period from January – March 2019. As of April 1, funds not applied for by any community were then accessible to any community.
For more information, please visit the Washington Trust for Historic Preservation or contact BIDA at info@bainbridgedowntown,org or 206 842-2982.
“The B&O Tax Credit Incentive is a marvelous way to keep tax dollars in our community. I’ve participated for many years and the program is truly a solid investment.”
Barbara Tolliver, co-owner of The Traveler