Thank you to our
2024 B&O Donors
City of Gig Harbor
Heritage Bank
Kitsap Bank
Arabella's Landing
Vici Aviation, LLC
Vici-Gig Harbor Group, Inc.
Vici Metronics, Inc.
Willis Marketing, Inc.
MAIN STREET B&O TAX CREDIT PROGRAM
THE ONLY PROGRAM WHERE YOU HAVE CONTROL OVER WHERE YOUR TAX DOLLARS ARE SPENT AND POSITIVELY IMPACT YOUR LOCAL COMMUNITY.
Make a donation to the Alliance and receive a 75% credit on your B&O taxes the following year.
What is the Main Street B&O Tax Credit Incentive Program (MSTCIP)?
Each year, the Department of Revenue partners with Washington Main Street to offer tax credit incentives to businesses who want to invest in their Main Street communities.
As a business owner who pays B&O Tax in Washington State, you can pledge to donate to the Alliance through the B&O Tax Credit Program and receive a 75% tax credit on next year’s B&O Tax.
For example, if a business makes a $1,000 donation to the Alliance by Nov 1st 2024, they will receive a $750 B&O tax credit on their account in Jan 2025, which can be used to pay their B&O taxes. The remainder of the donation (in this case, $250) can be a tax write off in the current year.
For 2024, the Alliance can accept up to $213,000 in donations. Our Q1 cap (Jan-Mar) is $166,000. Once that cap is reached, businesses will have to wait until Q2 to apply. On April 1st, 2024, donations open again and we can accept an additional $47,000 in donations (for an annual total of $213,000).
The donation allows local businesses to support Main Street communities and provides a tax credit so it’s a win-win!
How can I participate in the Main Street B&O Tax Credit Incentive Program (MSTCIP)?
Step 1: Make a pledge through the Department of Revenue. A step by step guide can be found by clicking here.
Step 2: WA Main Street will reach out and let us know you've made a pledge and the amount. A representative from the Alliance will contact you to schedule a payment plan for your donation.
All payments must be complete by Nov 1st, 2024.
Step 3: Once your payment is complete, the Alliance will let the Department of Revenue know and they will notify you that your donation status is complete.
Step 4. In Jan 2025, the 75% credit amount will be applied to your B&O Tax account and available for you to use.
For more information or to apply, visit https://preservewa.org/taxcredit
When you become a B&O Donor, you directly support local businesses, events and activities like:
The Alliance Give-Back Grant Program | Chowderfest| Restaurant Week | Chalk the Harbor |Coloring the History of Gig Harbor | Downtown Data & Surveys | Girls Night Out | Historic Home Signs | Small Business Saturday | Sip & Stroll | Trick or Treat in the Harbor | Veterans Banner Project | Waterfront Farmers Market | Waterfront Flower Baskets | Waterfront Walking Tours | What's Up Waterfront
To learn more about these events and programs click the links below!
Thank you for supporting the Downtown Waterfront Alliance and your community!
