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Issue Date
Intended audience: Registered businesses or persons contributing to a Main Street Organization.
Washington law provides a credit against the business and occupation tax (B&O) and the public utility tax (PUT) for approved contributions that are made by a business to a Main Street Organization or the Main Street Trust Fund. Effective Oct. 1, 2021, several changes are made to the Main Street Tax Credit Program.
What is new?
- The statewide cap for approved credits has increased from $2.5M to $5M. Therefore, the department will re-open the 2021 application process at 8 a.m. on Oct. 1, 2021. The online application will remain open until the $5M cap has been met.
- Effective 2022, applications will open at 8 a.m. on the second Monday in January.
- Credit earned for contributions made in 2020 can be carried over for an additional two years, until Dec. 31, 2023. Carry-over of credit is not otherwise allowed.
- Beginning with contributions made in 2021, the credit for contributions made to the Main Street Trust Fund increases from 50% to 75%.
- Total credits allowed for contributions made to each qualified Main Street Organization has increased from $100K to $160K in a calendar year.
The expiration date is Jan. 1, 2032.
Questions?
Please visit our Credits page or call 360-705-6705.
