B&O Tax Incentive Updates
Since 2005, the Main Street Tax Credit Incentive Program has provided Business & Occupation (B&O) tax or Public Utility Tax (PUT) credits for contributions given to eligible downtown revitalization initiatives in the state of Washington. After receiving approval from the Department of Revenue, a business may receive a credit for 75% of the value of a contribution made to an eligible Washington Main Street Community.
Thanks to the tremendous advocacy efforts of local Main Street executive directors, new legislation passed increasing the MSTCIP state credit cap from the previous $2.5M to $5M starting in 2021. This increase will take effect this fall, leading to a one-time additional tax credit application opening at 8:00am on 10/1/2021. Any applications made after this opening must still be fulfilled before the Department of Revenue’s November 15th deadline and the credits will be released for use in January 2022.
The majority of our annual budget comes from our B&O donors and we’re excited to have even more opportunity for businesses to join in and take advantage of this program. We are currently setting up meetings with interested businesses so that we can answer any questions you may have about the program or our organization and what we do within the community.
Please let Jesalyn Cole know if you are interested and she’ll be in touch to set up a meeting. Here is the link for more information.