The Main Street Tax Incentive Program is a funding opportunity through the Washington State Main Street program. Qualified businesses may take a B&O tax credit for donations given to the Ritzville Downtown Development Association (RDDA). Donations may also qualify as a 501(c)3 charitable deduction on IRS tax return.
Building and Occupancy Tax is a gross receipts tax. Businesses in the state of Washington pay a tax on various business activities, such as sales or purchases. Different types of businesses are taxed at different rates. Check with the Washington Department of Revenue for B & O Tax information.
Rather than money from B & O taxes going to Olympia and toward other projects across the state, donations stay in Ritzville, contributing to the economic development of the region.
Donations cannot be earmarked for certain projects - money goes to the RDDA work plan. Donations are capped because of a law regulating this tax credit program. There is a statewide cap on the amount this program can receive so time is a factor. Donations may be made in installments, but must be done during the same calendar year.
Donations will aid in storefront rehabilitation in downtown Ritzville, per the RDDA work place. The enhancement of the downtown will encourage economic growth and development.