Aberdeen’s Main Street B&O tax credit incentive program This program by the State of Washington’s Dept of Revenue allows businesses across the state to donate to the Downtown Aberdeen Association (a Washington Main Street 501c3 organization under the Aberdeen Revitalization Movement) and in return, that business earns a 75% state B&O tax credit on their amount. In addition, the donation may be eligible for a federal tax deduction. To begin please visit the WA Department of Revenue website and follow these step-by-step instructions:
STEP ONE- Make a pledge 1. Go to: https://secure.dor.wa.gov/home/
2. Log in
3. Click on “Get Started” link
4. Click on your Excise Tax account
5. Click “Credits” in the tool bar
6. Click on “Add Main Street Application”
7. Find Aberdeen Revitalization Movement (ARM) and enter the Contribution Amount; click next Fill out Authorization Information then click "Submit"
8. Click here for a pdf screenshot with step by step instructions on HOW-TO-APPLY-FOR-THE-MAIN-STREET-TAX-CREDIT
STEP TWO- Donate Before November 15th, each year, donate to the ARM by mailing a check to the following address:
Aberdeen Revitalization Movement 501 C3
Attn: Downtown Aberdeen Association
P.O. Box 1593
Aberdeen, WA 98520Thank you so much for supporting our efforts for downtown Aberdeen
Here are more details: - 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 Aberdeen). - This program is unique to Washington and has been a proven economic catalyst for historic Main Street towns since 2006. - Each Main Street has a cap of $333,333 *Please consult with your tax accountant to better understand how this leverages your contribution.