What is the Main Street Tax Incentive Program?

THE BASICS:

Keeping your state B&O and Public Utility Taxes local!

The Main Street Tax Credit Incentive Program (MSTCIP) provides a Business & Occupation (B&O) or Public Utility tax (PUT) credit for private contributions given to eligible downtown organizations, like the Historic Downtown Kennewick Partnership.

Eligible Washington Main Street community organizations – like the Historic Downtown Kennewick Partnership -– can receive contributions through the Main Street Tax Credit Incentive Program.
Businesses earn a state B&O tax credit of 75% of their contributed amount, essentially re-directing these taxes to local economic revitalization.
Businesses must be registered to file their state excise tax electronically in order to participate.
A pledge to contribute must be submitted online through the Department of Revenue website, with the Historic Downtown Kennewick Partnership selected as the credited community.
The pledged contribution can be spread out throughout the calendar year, but the full amount must be received by the Historic Downtown Kennewick Partnership by November 1, 2023.
Participating businesses must take the tax credit the following year the donation is made – the tax credit cannot be carried forward.
A business may apply for up to $250,000 in credits each year.