Main St. Tax Credit

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Main Street Tax Credit Incentive Program

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 business’ 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.  What other program essentially lets you self direct your business taxes?
Your entire contribution may be deducted as Advertising or Promotion Expense on your 2011 federal tax return.  AND, 75% of your Contribution is returned to you via B&O Tax credits in 2012.  Please contact your tax preparer or Stroud Kunkle, CPA (509) 765-4501 a local Main Street Tax Credit Incentive expert.

Example:

Your Contribution  $  1,000.00
MLBA Receives  $  1,000.00
2012 B&O Tax Credit  $     750.00
2011 Fed.  Tax Deduction  $  1,000.00

The Basic Facts:

  • Eligible community organizations can receive donations totaling up to $133,333.33 per calendar year.
  • Your downtown organization Moses Lake Business Association is part of the state Main Street program.
  • Don’t forget that donating to the Main Street Trust Fund helps support revitalizing downtowns across the state!  Building the capacity of the statewide program provides services to existing and future downtown organizations.

How Do You Actually Get The Tax Credit?

  • Businesses must be registered to file their state excise tax electronically.
  • A donation request must be filled out and submitted online, but don’t worry – it’s easy and we’ve got step-by-step instructions on our website!
  • The donation can be spread out throughout the calendar year, but pledge early (and often!) to guarantee the donation is eligible!
  • The business must take the tax credit the following year the donation is made – and sorry, but the tax credit can’t be carried forward and there won’t be a refund for any credit above and beyond a business’ tax liability.

 Interested in participating in the Main Street Tax Credit Incentive? 

2011 Main Street Tax Credit Incentive brochure

For a step by step guide to sign up on the DOR Website for the Main Street Tax Credit Incentive click on the link below:

http://www.dahp.wa.gov/sites/default/files/Applying%20for%20Credits-StepbyStep.pdf

Contact: Anna Unruh, Contributor Relations at (509) 431-2493 

 

2011 Contributors:

Advantage Real Estate • Ag World Group Systems • Carver Family Funeral Home • Central Bonded Collectors • Chris Arnberg Insurance Agency (dba: American Family Insurance) • Colbasia Cabinets • Columbia Colstor • Furniture West • Michaelle Boetger Graphic Designs • Pioneer Memorial Gardens  • Radio Shack • Sutter, Kunkle & Thompson, PS • Sue’s Gift Boutique • Tyke’s 2 Kid’s • Valley Eye Care • Vision Clinic

2010 Contributors:

Ag World Group Systems  •  Central Bonded Collectors  •  Cobblestone Corner  •  Colbasia Cabinets  •  Columbia Colstor  •  Furniture West  •  Kimberly Janke Insurance Agency  •  Miller’s Fine Jewelers  •  Pioneer Medical Center Pharmacy  •  Red Rock Creek  •  Sutter, Kunkle & Thompson PS  •  Valley Eye Care  •  Vision Clinic

2009 Contributors:

Ag World Group Systems  •  Central Bonded Collectors  •  Colbasia Cabinets  •  Columbia Colstor  •  Furniture West  •  M&M Heating and Air Conditioning  •  REC Silicon  •  Red Rock Creek

 2008 Contributors:

Ag World Group Systems  •  Bar-B-Q Depot & Saucy Hog Saloon  •  Basin Employment Service & Training  •  Central Bonded Collectors  •  Cobblestone Corner  •  Colbasia Cabinets  •  Columbia Colstor  •  Columbia Glass  •  Discovery Dealerships  •  Furniture West  •  Genie Industries  •  Lad Irrigation  •  Miller’s Fine Jewelers  •  M&M Heating and Air Conditioning  •  Moses Lake Steel Supply  •  Perkin’s Restaurant & Bakery  •  REC Silicon  •  Red Rock Creek  •  Skaug Brothers, Inc.  •  Valley Eye Care  •  Vision Clinic

2007 Contributors:

Ag World Group Systems  •  Alsted Real Estate  •  American West Bank  •  Bar-B-Q Depot & Saucy Hog Saloon  •  Basin Employment Service & Training  •  Central Bonded Collectors  •  Central Washington Asphalt  •  Cobblestone Corner  •  Colbasia Cabinets  •  Columbia Basin Quiltworks & Bernina  •  Columbia Colstor  •  Discovery Dealerships  •  Express Personnel Services  •  Faber Industrial Supply  •  Furniture West  •  JR Newhouse & Co.  •  Lad Irrigation  •  M&M Heating and Air Conditioning  •  Moses Lake Steel Supply  •  North Central Construction  •  Penhallurick’s True Value & Express Building Supply  •  Red Rock Creek  •  Valley Eye Care  •  Vision Clinic

2006 Contributors:

Alsted Real Estate  •  American West Bank  •  Bulldog IT  •  Central Bonded Collectors  •  Cobblestone Corner  •  Columbia Basin Quiltworks & Bernina  •  Columbia Colstor  •  Discovery Dealerships  •  Downtown Loan Company  •  Lad Irrigation  •  Moses Lake Clinic  •  Moses Lake Steel Supply  •  Quality Spreading  •  REC Silicon  •  Washington Trust Bank  •  William Breneman  •  Windermere K/2 Realty