MAIN STREET TAX INCENTIVE PROGRAM
The Downtown Bellingham Partnership is part of the Main Street Program, which beyond access to new resources, allows for us to be part of the Main Street Tax Incentive Program. This program provides a 75% Business and Occupation tax credit for private contributions given to the DBP through the Department of Revenue.
IN A NUTSHELL...
When you pledge to donate to the DBP via Main Street, 75% of your donation comes back to you on your B&O taxes. Donate $4,000? You'll get a $3,000 credit on your taxes. And that other $1,000? It's is tax deductible since the DBP is a 501(c)3 nonprofit. This means you get to keep your tax dollars in your community, and help us serve you even better.
Visit the Department of Archaeology and Historic Preservation's website to learn more about this tax incentive program. Contact us at 360.527.8710 or firstname.lastname@example.org for more.
It's important to note that there is a limit to how many tax dollars Washington State will allow to be redirected from their budget to the Main Street communities all over the state. This puts the DBP in competition with 30+ communities to receive as much funding as we can before the cap is met, because once the state cap is met, organizations like us cannot receive any additional pledges from businesses. The program opens up January 1, and last year the cap was reached on January 4 before most businesses could pledge their donation to the DBP.
In order to take full advantage of this wonderful opportunity to keep your tax dollars local, businesses need to apply for the tax credit as early as possible on January 1. We can help you or your finance department every step of the way with the process to pledge.
"I have been a tenant or a building owner downtown for the last 35 years. Along with that I have seen progression of organizations that have been trying to help the downtown. The DBP is by far the strongest one to date. I have no problems donating to this organization.
A few years ago, the DBP became part of the Main Street Program. This means a lot of things to and for the downtown, but as a business donor it means that I receive a refund from my state B&O tax payments for donating to the DBP. Simply put--way cool!
The first year I pledged (a simple process on my state B&O webpage) and paid $4,000 to the DBP. Last January my state B&O page showed a $3,000 credit to my 2016 taxes. So what did I do? I pledged and paid $6,000 to the DBP on January 1, 2016 (space is limited, so I did it fast) and I will have a $4,500 credit on my taxes in 2017. So, for a few keystrokes on January 1 (really needs to be January 1, or the state cap may be filled), in the last two years I have donated $10,000 to a 501(c)3 AND will get $7,500 of that back in B&O taxes."
-Jim Bjerke, Owner, Pacific Continental Realty
Thank you to the businesses who have donated via the Main Street program!
Faithlife | Pacific Continental Realty Peoples Bank | Heritage Bank | Puget Sound Energy | Greenhouse | Avenue Bread | Ideal | Columbia State Bank Good Time Girls | Math Perspectives Daylight Properties | Texture Clothing Aslan Brewing | Bay City Supply Benchmark Solutions | Brandywine Kitchen | The Chrysalis Inn & Spa | Five Star Development | Naked Clothing RMC Architects | Wander Brewing Cre West Coast LLC