Main Street Tax Credit Incentive Program

In 2018 $2.5 million in tax credits is available statewide through the Main Street Tax Credit Incentive Program – and the Gig Harbor Downtown Waterfront Alliance can receive up to $133,333 in contributions.

The Main Street tax credit incentive program provides a Business & Occupation (B&O) 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 your downtown revitalization organization. The Downtown Waterfront Alliance, a designated Washington Main Street Community, is eligible to receive contributions through this state tax credit program.

Businesses statewide can also donate to the Main Street Trust Fund. In this case, the tax credit is worth 50% of your donation. In fact, a business can donate to both up to $250,000. What other program essentially lets you self direct your business taxes? Further, because your downtown organization (The Alliance) is a 501(c)3, you may be eligible for a federal income tax deduction as a charitable contribution.

The Basic Facts:

  • Eligible community organizations can receive donations totaling up to $133,333.33 per calendar year
  • Businesses must be registered to file their state excise tax electronically
  • A request for credit must be filled out and submitted online at www.dor.wa.gov
  • Click on Doing Business, then My Account, and Apply for Main Street Tax Credit.
  • Select Gig Harbor Downtown Waterfront Alliance as the recipient and enter your contribution amount.
  • Make your contribution directly to the Downtown Waterfront Alliance. The donation can be spread out throughout the calendar year, but the full contribution must be received by the Alliance by November 15, 2018.
  • The business must take the tax credit the following year the donation is made – the tax credit cannot be carried forward.
  • There is a $2.5 million state cap on the Main Street Tax Credit for the 34 Main Street organizations, so don’t delay in making your application! The first day to apply is the second Monday in January. Each Main Street has a first quarter cap available. More funds may become available at 12:01am on April 1, 2018.

Here is a simple example of how the Main Street Tax incentive works: if your business contributes $10,000 to the Alliance this year utilizing this tax incentive, you will receive a $7,500 credit on your B&O Tax liability in 2019.

B&O Tax Credit Example

If your
check
is for:
The Alliance
receives:
Your 2018
B&O tax
credit is:
Your out
of pocket
expense is:
$1,000.00$1,000.00$750.00$250.00
$1,500.00$1,500.00$1,125.00$375.00
$2,000.00$2,000.00$1,500.00$500.00
$2,500.00$2,500.00$1,875.00 $625.00
$3,000.00$3,000.00$2,250.00$750.00
$4,000.00$4,000.00$3,000.00$1,000.00
$5,000.00$5,000.00$3,750.00$1,250.00
$7,500.00$7,500.00$5,625.00$1,875.00
$10,000.00$10,000.00$7,500.00$2,500.00

Part of your contribution may also qualify as a 501(c)(3) charitable deduction on your 2018 federal tax return.


Thank you to our 2018 B&O Donors (first quarter 2018):

7 Seas Brewing
Columbia Bank
Heritage Bank
Heritage Distilling Company
Kitsap Bank
Olympic Property Group
Puget Sound Energy
Ryan Jorgenson & Limoli
Ship to Shore Marine
SHKS Architects
Tickled Pink
Tides Tavern
VICI Aviation
VICI Metronics
VICI Gig Harbor Group
Willis Marketing

Thank you to our 2017 B&O Donors:

Allovus
Gig Harbor Endodontics (Arash Niazi, DDS)
Olympic Property Group
Puget Sound Energy
Ship to Shore
Stolz and Associates
Tickled Pink
Tides Tavern
Willis Marketing

Thank you to our 2016 B&O Donors:

Columbia Bank
Digital Packaging, Inc.
Gig Harbor Endodontics (Arash Niazi, DDS)

Heritage Bank
Heritage Distilling Company
Kitsap Bank
Mixed Goods, Inc.
Olympic Property Group
Puget Sound Energy, Inc.
Ship to Shore Marine, Inc.
SHKS Architects PS, Inc.
Stolz and Associates, PS
Threshold Group, LLC
Tickled Pink
Tides Tavern
VICI Metronics
Willis Marketing

Thank you to our 2015 B&O Donors:

7 Seas Brewing Company
Gig Harbor Endodontics (Arash Niazi, DDS)
Gig Harbor Marina & BoatYard
Heritage Distilling Company
Kitsap Bank
Mixed Goods, Inc
Olympic Property Group
Paul Kadzik, DDS
Puget Sound Energy
Ryan, Jorgenson & Limoli
Ship to Shore Marine
SHKS Architects
Stolz & Associates
Threshold Group
Tickled Pink
Tides Tavern
VICI Metronics
Willis Marketing

Thank you to our 2014 B&O Donors:

7 Seas Brewing Company
Columbia Bank
DPI Print
Gig Harbor Endodontics (Arash Niazi, DDS)
Harbor Oral Surgery (Hinz & Bird, PLLC)
Heritage Distilling Company
Kitsap Bank
Mixed Goods
Morso
Olympic Property Group
Paul Kadzik, DDS
Puget Sound Energy
Real Carriage Doors
Ryan, Jorgenson & Limoli
Scott Drake, DDS
SHKS Architects
Stolz & Associates

The Threshold Group
Tickled Pink
Tides Tavern
VICI Metronics, Inc.
Wild Birds Unlimited
Willis Marketing

Thank you to our 2013 participants:

Scott Drake, DDS
Gig Harbor Endodontics (A. Niazi, DDS)
Harbor Oral Surgery (Hinz & Bird, PLLC)
Kitsap Bank
Mixed Goods

Olympic Property Group
Paul Kadzik, DDS
Peninsula Family Medical Center

Puget Sound Energy
Real Carriage Doors
Ryan Jorgenson & Limoli PS
Ship to Shore Marine, Inc.
Snyder Hartung Kane Strauss Architects, P.S., Inc.
Stolz & Associates
Summit Packaging

The Threshold Group
The Tides Tavern
VICI Metronics
Washington Patriot Construction

Wild Birds Unlimited
Willis Marketing
Windermere Real Estate

 Thank you to our 2012 participants:

7 Seas Brewery
A Niazi, DDS
Columbia Bank
Fournier Insurance Solutions
Gig Harbor Fly Shop
Kitsap Bank
Olympic Property Group
Paul Kadzik, DDS
Puget Sound Energy
Real Carriage Doors
Ryan, Jorgenson & Limoli PS
S Squared LLC
Scott Drake, DDS
Snyder, Hartung, Kane Strauss Architects
Steffen & Hinz, PLLC
Stolz & Associates, PS
Summit Packaging, Inc.
The Threshold Group
The Tides Tavern
Washington Patriot Construction
Wild Birds Unlimited
William Lubken, DMD

Thank you to our 2011 B&O participants:

Lisa Block, DDS
Joseph Bordeaux, DDS
Brix25
Scott Drake, DDS
Fournier Insurance Solutions
Gig Harbor Fly Shop
Robert Heacox, DDS
Paul Kadzik, DDS
Kitsap Bank
Manuel LaRosa, DDS
Silvia LaRosa, DDS
Law Offices of Ralph Flick
William Lubken, DMD
Morso
A. Niazi, DDS
Steffen & Hinz, PLLC
The Threshold Group
The Windward Company
Tides Tavern
Water to Wine
Willis Marketing