Put Your State B&O Taxes To Work Here In Port Townsend Through The Main Street Tax Incentive Program.
The Port Townsend Main Street Program is pleased to offer the opportunity to put your state B&O tax dollars to work here Port Townsend through the work of our program.
In 2005, the Port Townsend Main Street Program (PTMS) worked with other revitalization programs across the state to introduce and help pass legislation creating a state B&O Tax Credit Incentive Program for businesses investing in local downtown revitalization programs like ours.
It’s never too early to start thinking about next year! Put Your State B&O Taxes To Work Here In Port Townsend Through The 2017 Main Street Tax Incentive Program. 75% of your donation is returned to you via B&O tax credits in 2018. In addition, your entire contribution may qualify as a 501(c)(3) charitable deduction on your 2017 federal income tax return.
The Port Townsend Main Street Program can receive up to $133,333 in contributions. Approvals are given each year on a first-come, first-served basis beginning at 12:01 am, January 1, 2017, made online through the Dept. of Revenue’s (DOR) website. DOR’s online portal will continue to accept tax credit contributions until the state cap of $1.5M in tax credits has been reached. And as in 2016, we do anticipate that the $1.5M tax credit cap will be met very early in the 2017 year, so we encourage you to pledge early.
The Port Townsend Main Street Program invites you to put your state B&O tax dollars to work here in our community and simultaneously benefit your business. We hope that you will consider this unique opportunity.
PLEASE FOLLOW THESE EASY STEPS IN THIS SEQUENCE:
- Sign into your e-file account at http://dor.wa.gov
- Click Credits & Tax Incentives in the left column.
- Click Apply for Main Street Tax Credit
- Click Get Started
- Scroll the list and select Port Townsend Main Street Program and click next.
- Enter the full amount of your contribution and click next.
- Review the summary page and click Submit
- You will receive a thank you notice. Print your receipt.
- You will receive a confirmation of your registration from the Department of Revenue within 45 days.
- Write a check in the amount of your contribution to The Port Townsend Main Street Program. All checks must be received no later than December 31st, 2017 in order for the contributor to realize the tax credit in the subsequent calendar year.
Part of your contribution also qualifies as a 501c3 charitable deduction on your 2017 federal tax return, and the entire amount may be tax deductible—check with your accountant.
- If you have questions, contact Department of Revenue; Linda Tran at (360) 902-7144 Email: LindaT@dor.wa.gov or Dan Murray at (360) 962-7006.
- For questions about the application, call the Taxpayer Account Administration division at (360) 902-7175.
If you need further information, please call our Local Main Street Tax Credit Incentive Expert:
- Tina Flores-McCleese/Clarity Enterprises at (360)385-9963 or email: email@example.com