Main Street Tax Credit Incentive Program

In 2017 $1.5 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. Approvals are given each year on a first-come, first-served basis as of January 1, 2017.

The Main Street Tax Credit Incentive Program provides a Business & Occupation (B&O) credit for private contributions given to eligible downtown organizations (the Alliance is an eligible organization). Once your business donation request is approved by the Department of Revenue, you are eligible for a tax credit worth 75% of the contribution you have made to your downtown revitalization organization on your B&O tax liability the following year. Because the Alliance is a 501(c)3 you may also 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 donation request must be filled out and submitted online – it’s easy and there are step-by-step instructions on the DAHP website
  • The donation can be spread out throughout the calendar year, but pledge early to guarantee the donation is eligible
  • All payments must be received by the Alliance by December 29, 2017.
  • The business must take the tax credit the following year the donation is made – the tax credit cannot be carried forward

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 2018.

How do I participate?

  1. Sign up to e-file with the Washington State Department of Revenue at www.dor.wa.gov.
  2. From there, click on Doing Business, then My Account, and Apply for Main Street Tax Credit.
  3. Select Gig Harbor Downtown Waterfront Alliance as the recipient and enter your contribution amount.
  4. Write a check in the amount of your contribution to Gig Harbor Downtown Waterfront Alliance. All checks must be received no later than December 29, 2017.

NOTE: The tax credit request must be approved prior to making a contribution to a designated organization. Businesses applying for the credit must be signed up to file electronically (E-file) with the Department of Revenue. Once a business is registered to file electronically, it can logon to its E-file account and click on the Main Street Credit link. The business only needs to know the organization it intends to contribute to and how much it intends to contribute to apply for the program. The organization (recipient) is the Gig Harbor Downtown Waterfront Alliance. The application is simply a matter of inputting this information. The credit may only be claimed in the calendar year immediately following the calendar year in which the credit was approved by the department and the contribution was made to the program or the Main Street Trust Fund. Credits may not be carried over to subsequent years. No refunds may be granted for credits. For more information about the program, visit RCW 82.73, Washington State Department of Archeology and Historic Preservation.

B&O Tax Credit Example

If your
check
is for:
GHHWA
receives:
Your 2014
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 2017 federal tax return.


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