Port Townsend Main Street Program

Main Street Tax Credit Incentive

Main Street Tax Credit Incentive Program

We’re excited to let you know the Washington State Legislature has provided a special way for you to support the revitalization of Port Townsend!

In 2005, legislation was passed to create the “Main Street Tax Credit Incentive Program.” Through the program, businesses are eligible to take a B&O tax credit for contributions given to eligible downtown revitalization organizations, including the Port Townsend Main Street Program. In effect, this refocuses a portion of your B&O tax dollars towards home supporting our local organization and its activities with its mission to support the historic districts. Port Townsend Main Street Program is eligible to receive up to $133,333 in tax credit contributions annually. However, time is of the essence – there is a cap on the amount of credits available statewide each year.

CLICK HERE to view slideshow about the tax incentive program

The Main Street Tax Incentive Program, By the Numbers

• 75% of your contribution to Port Townsend Main Street Program in 2010 may be used against your 2011 B&O tax liability.
• The full amount (100%) of your contribution to the Port Townsend Main Street Program may qualify as a 501(c)3 charitable deduction on your company’s 2010 IRS tax return (check with your tax accountant).
• Tax Incentive Program Examples:

If your check to PTMSP in 2010 is for:	Your 2011 B&O tax credit is	Your 2010 IRS deduction may be up to:
1,000.00 5,000.00 7,500.00 10,000.00 25,000.00	750.00 3,750.00 5,625.00 7,500.00 18,750.00	1,000.00 5,000.00 7,500.00 10,000.00 25,000.00

Note: Please make your check payable directly to the Port Townsend Main Street Program.

How the Program Works

You must register online and be an e-filer with the Washington State Department of Revenue to take advantage of this opportunity. Tax credits are available on a first come, first serve basis, so please pledge as early in the year as possible.

Remember: The benefits of the program to you may vary, depending on your type of business, your tax commitment, and other factors. Interested contributors should contact their accountants to confirm the full extent of the tax benefit under the program.

Download Tax Credit Incentive Program Information

MAIN STREET TAX CREDIT INCENTIVE PROGRAM
GENERAL OVERVIEW & LEGISLATION

This tax 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 business district revitalization organizations or to the Department of Community, Trade and Economic Development’s Main Street Trust Fund for downtown and neighborhood business district revitalization efforts. After receiving approval, 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. These funds are available on a first come, first served basis.

DEPARTMENT OF REVENUE CONTACT

Tiffany Volkman (360) 902-7126 tiffanyv@dor.wa.gov

You must register to be an “e-filer” with the Washington State Department of Revenue to take advantage of this opportunity for Port Townsend.

Online steps to make your contribution through this program:

• Go to the Department of Revenue website to E-File
• If you are not set up to “E-File,” please call the DOR Help Desk to walk you through the process (once it is complete and you are approved, you can then contribute to the B&O Tax/Public Utility Tax / Main Street Credit Program) or follow these screen shots of the process.
• Request approval of a contribution dollar amount.
• Approval is almost instantaneous; remaining credits are listed at the bottom of the web page.

Join us in this exciting program and make your contribution to The Port Townsend Main Street  Program, a 501c3 nonprofit organization. It must be received no later than December 31st 2010 for the 2011 tax credits. Please check with your accountant—depending on your type of business, your contribution may also be tax-deductible on your Federal taxes in 2010.

However, please note: these funds are on a first come, first served basis statewide. The earlier you commit, the greater chance Port Townsend has to benefit from this remarkable opportunity, so please pledge as early in the year as possible. Photo: Heather Poulsen (left) and Susan Windle of the Port Townsend Main Street Program accept a contribution for $2500 from Dominic Svornich, Operations Supervisor of Kitsap Bank (Port Townsend Branch).

Contributors to the Main Street Tax Credit Incentive Program have included:

Port Townsend Paper Corporation
Kitsap Bank
Sport Townsend
Port Townsend Jefferson County Leader
Wind’s Eye Design
SOS Printing
Olympus.net
Sirens Pub
Homer Smith Insurance
The James House
Printery Communications
MarinerBank
Townsend Bay Marine
Forest Gems
Elevated Ice Cream & Candy Co.
Mountain Propane
Key City Fish
Olympic Art & Office
The Upstage Theatre & Restaurant
Sea Dreams Cottage
Castle Key Restaurant & Lounge

The Port Townsend Main Street Program expresses its appreciation to these businesses which have contributed to the Main Street Tax Credit Incentive Program.

For more information, please call The Port Townsend Main Street Program (360) 385-7911 (email: admin@ptmainstreet.org) or the contacts at The Department of Revenue listed above. Thank you.
We appreciate your support of our activities.

---