The Kent Downtown Partnership this week announced the Main Street Tax Incentive Program, which provides a Business & Occupation (B&O) or Public Utility Tax (PUT) credit for contributions given to eligible organizations.
The Kent Downtown Partnership is a Washington Main Street Community, eligible to receive contributions through this program.
“Our mission is to create and promote economic vitality in historic downtown Kent,” they said. “The Main Street Tax Credit is a way of ensuring your tax dollars stay in your community.”
Any business, within or outside of Kent, who pays B&O or PUT is eligible for this program. Businesses can receive a tax credit worth 75% of the contribution on their tax liability the following year the contribution is made.
Interested parties must register the contribution on their Washington State Dept of Revenue account and select the Kent Downtown Partnership to receive the contribution. Approvals are given on a first-come, first-served basis. Due to the popularity of this program, it is important that you register with the Dept of Revenue (www.dor.wa) as soon as possible. The Kent Downtown Partnership can provide detailed information on the registration process.
Contributions must be registered by March 3, 2020, and payments made no later than Nov. 15, 2020 to qualify for the credit. The Kent Downtown Partnership offers flexibility to businesses with payment arrangements that work best with the businesses budget (payment upfront, quarterly, or by due date).
If you would like to keep your tax dollars in Kent, consider making a contribute to this program. Please direct inquires to Executive Director Gaila Gutierrez at [email protected] or 253-813-6976.
The Kent Downtown Partnership (KDP) is a 501c3 nonprofit organization. Our mission is to promote and enhance the vitality of downtown Kent through programs and events that celebrate our unique and diverse culture.
“Proceeds from this program benefit the KDP and go toward future events, projects and business development in Historic Downtown Kent. With your contribution to our organization, you may be eligible for a federal income tax deduction for a portion of the contribution.”