May 3, 201702:58 PMBlog
Main Street tax credit program could expand
Community organizations looking to aid downtown businesses could soon get a legislative lift, as a bill allowing more donations toward revitalizing main street businesses was passed unanimously by the state Senate yesterday.
Washington currently offers a Main Street tax credit program for private donations to main street business development non-profits. The incentive program provides a B&O or public utility tax credit for private contributions given to eligible downtown organizations. However, participation is limited due a cap on the total amount of credits available statewide.
Currently, a total of $1.5 million in credits may be used per year. The bill, which passed the Senate by a 46-0 vote, would increase that cap to $2.5 million in credits available.
“Thriving downtown businesses provide an enjoyable place for families to visit,” said Sen. Joe Fain, R-Auburn, co-sponsor of the bill. “Success on main street leads to more community jobs and a stronger local economy. The Kent Downtown Partnership visited me in Olympia earlier this year to advocate for this bill. They have put this credit to great use, making them better able to attract new businesses and development.”