The Historic Coupeville Waterfront Association is glad to be able to help give you an opportunity to put your businesses B&O (Business and Occupation) tax dollars back into our community.
In 2005 small town Main Street organizations all over the state worked to introduce and help pass legislation creating a B&O Tax Credit Incentive Program for businesses, who e-file and invest in local downtown revitalization programs like ours.
Making a contribution to CHWA before December 31, 2011 qualifies as a 501(c) 3 charitable deduction on your 2011 federal income tax return. And 75% of that can be returned to you through B&O in 2012.
How can you get involved? Sign up with e-file at the Washington State Department of Revenue at www.dor.wa.gov
Once you’ve signed up, click on List Of Services, then Apply for Main Street Tax Credit. THEN select Coupeville Historic Waterfront Association and enter your contribution amount. Then just write a check in that amount to the Coupeville Historic Waterfront Association. All checks must be received no later than December 31, 2011.
Example – if your contribution to CHWA is 1000.00 and you are signed up to e-file, YOU use the contribution on your 2011 taxes, AND YOU also get a B&O credit of 750.00 for that same 2011 contribution in your 2012 tax return.
Talk to your bookkeeper or CPA about how B&O tax credits can help us help you.
Take a look at how the state explains this B&O tax credit:
Main Street Credit: Starting January 1, 2006, businesses can apply electronically for a credit against the B&O tax and public utility tax equal to:
The tax credit request must be approved prior to making a contribution to a designated organization. Businesses applying for the credit must be signed up to file electronically (E-file) with the Department of Revenue. Once a business is registered to file electronically, it can logon to its E-file account and click on the Main Street Credit link. The business only needs to know the organizations it intends to contribute to and how much it intends to contribute to apply for the program. The application is simply a matter of inputting this information. The credit may only be claimed in the calendar year immediately following the calendar year in which the credit was approved by the department and the contribution was made to the program or the main street trust fund. Credits may not be carried over to subsequent years. No refunds may be granted for credits. For more information about the program, visit the Department of Archaeology and Historic Preservation website. RCW 82.73 |
