The Main Street B&O Tax Credit Incentive Program is open for 2022!
The Washington State Main Street B&O Tax Credit Incentive Program allows businesses to make a donation to the Downtown Camas Association (a Washington Main Street 501c3 organization) and in return, earn a 75% state B&O tax credit on that amount. In addition, the donation is eligible for a federal tax deduction. A powerful way to support your downtown and direct your tax dollars!
Follow these simple steps:
Step 1: Visit the WA Department of Revenue website and follow these step by step instructions to make a pledge:
Here are the step by step instructions:
- Starting January 10th, 2022, go to: https://secure.dor.wa.gov/home/
- Log in
- Click “More Excise Tax Options” link in the Account box
- Click “Manage/Apply for a Tax Credit” link in the Credits box
- Click on “Add Main Street Application” link
- Find Downtown Camas Association and enter the Contribution Amount; click next
- Fill in the required information and click Submit.
- Click here for a pdf of the step by step instructions.
Step 2: Before November 15th, 2022 make a donation of the pledged amount to the DCA. You can make the donation online at this link or mail a check to the following address: DCA, P.O. Box 1034, Camas, WA 98607
Step 3: In January 2023, when you go to pay your B&O online, you will have the credit available in your account. It’s really that simple!
Thank you so much for supporting the DCA and Downtown Camas!
Thank you to all our B&O Program Donors! Your support makes a difference in the vitality of our downtown.
Here is a slide deck that can be shared describing the program as well.
Here are more details:
- Donate to the DCA and receive a state B&O tax credit of 75% of the donation amount. Public Utility Tax (PUT) is also eligible for a credit in this program.
- Receive the federal tax deduction as well.
- This is a way to direct your tax dollars right back into your community.
- Pledging for the program starts the second Monday in January.
- Pledge by March 31st but pledging early is best!
- Pledge early but your donation to the DCA can be made as late as November 15th.
- Pledges are made on the Department of Revenue website.
- The federal tax deduction can be taken in the same year as the donation and the state B&O credit becomes available starting January of the following year.
- Any donation amount works.
- Credits may not be carried over to subsequent years.
- Anyone who pays B&O taxes in Washington can contribute to any Main Street Program in Washington (you don’t have to be in Camas).
- This program is unique to Washington and has been a proven economic catalyst for historic Main Street towns since 2006.
*Please note: Interested contributors can confirm the full extent of these tax benefits with their accountant.