Tax Incentives

The State of Washington provides tax incentives for businesses that contribute to their local Main Street program – primarily through reduced B&O taxes as described below, from the Washington State Department of Commerce Trade and Economic Development division’s “Main Street Tax Credit Incentive Program” publication…

“This new incentive program provides a Business and Occupation (B&O) tax credit or Public
Utility Tax (PUT) credit for private contributions given to eligible downtown or neighborhood
commercial district revitalization organizations or to the Department of Community, Trade and
Economic Development’s Main Street Trust Fund for downtown and neighborhood commercial
district revitalization efforts…”

“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 downtown or neighborhood commercial
district revitalization program or 50% of the value of the contribution made to CTED’s Main Street Trust Fund…”

“Businesses may take advantage of the tax credit up to $250,000 per calendar year. An individual downtown and neighborhood commercial district can receive tax credit contributions up to $100,000 per calendar year. A total of $1.5 million in credits may be used per calendar year on a statewide basis…”

More information is available at: choosewashington.com