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.