Colfax Downtown Association

B & O Tax Incentive Program

KEEP YOUR TAXES IN COLFAX!

Main Street Tax Credit Program - By donating your B & O taxes thru the Colfax Downtown Association, 75% of your taxes stay in Downtown Colfax. 

The Main Street tax credit incentive program provides a Business & Occupation (B&O) or Public Utility tax (PUT) credit for private contributions given to eligible downtown organizations.  Once your business’ donation request is approved by the Department of Revenue, you are eligible for a tax credit worth 75% of the contribution to the Colfax Downtown Association. . Only designated Washington Main Street Communities are eligible to receive contributions through this state tax credit program.  Further, The Colfax Downtown Association is a 501(c)3 which means your donation is eligible for a federal income tax deduction as a charitable contribution

The Main Street Tax Credit Program is established in RCW 82.73.

How Do You Actually Get The Tax Credit?

  • Businesses must be registered to file their state excise tax electronically. 

  • A donation request must be filled out and submitted online, but don’t worry – it’s easy and we’ve got step-by-step instructions on our website!

  • The business must take the tax credit the following year the donation is made – and sorry, but the tax credit can’t be carried forward and there won’t be a refund for any credit above and beyond a business’ tax liability.

 

How much can the Colfax Downtown Association receive through the MSTCIP each year? Each organization has a cap of $95,000 in credits each year. Businesses can start pledging online through the department of revenue on the !st monday of January thru March 31st.  

Does a business need to reapply for the tax credit each year? Yes. Applications will be accepted beginning on the first Monday of January each year.

How does a business make their contribution to the eligible community? A business that successfully requests credit through the Deportment of Revenue website must make their contribution to the designated community by November 11 of that same year.

Can a business spread out their contribution throughout the year? Yes. However, a business that does not make the total approved contribution by November 11th or forfeits all approved credits for the contributions. If a business cannot make the full approved contribution, they must contact the Department of Revenue’s Taxpayer Account Administration Division at 360-705-6214 or Linda Tran at 360- 705-6047.