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In January 2021, DEA became a designated Main Street Community, joining 35 other Main Streets across Washington State. Washington Main Street helps communities revitalize the economy, appearance, and image of their downtown districts using the successful Main Street Approach, a comprehensive revitalization strategy built around a community’s unique heritage and attributes. The Main Street Approach has four focus areas, called the Four Points, which drive our revitalization efforts: Design, Economic Vitality, Organization, and Promotion.
Additional information about the Washington Main Street coordinating program can be found here.
THIS PAGE IS FOR BUSINESSES AND MUNICIPALITIES INTERESTED IN THE MAIN STREET TAX CREDIT INCENTIVE PROGRAM. INDIVIDUALS AND BUSINESSES LOOKING TO MAKE A CHARITABLE DONATION CAN FIND MORE INFORMATION ABOUT OUR 501(C)(3), THE DOWNTOWN EVERETT PARTNERS, HERE.
The Main Street Tax Credit Incentive Program provides a Business & Occupation (B&O) or Public Utility tax (PUT) credit for private contributions given to designated Washington Main Street Communities, including the Downtown Everett Association (DEA). Businesses must register on the Department of Revenue website for donations to be eligible for the tax credit. Registration for 2022 will open on January 9. Once your business’ donation request is approved by the Department of Revenue, you are eligible for a tax credit worth 75% of the contribution to the DEA. When you make a donation, 75% of your contribution is returned to you via B&O Tax credits the following year. Please contact your tax preparer for guidance.
Additional information, including a step-by-step guide to applying from the Department of Revenue, is available on the Washington Trust for Historic Preservation website.
Example:
Your 2022 contribution: $1,000
DEA receives: $1,000
Your 2023 B&O Tax Credit: $750
A donation request must be filled out and submitted online, but don’t worry – it’s easy! Step-by-step instructions are available here.
The donation can be spread out throughout the calendar year. For funding in 2022, apply through DOR between January 9 and March 15 to guarantee your business will receive the credit. Once confirmed, the pledged amount must be paid in full to the Downtown Everett Association between January 9 and November 15, 2022 to receive the tax credit in 2023.
Businesses must take the tax credit the year after the donation is made – the tax credit can’t be carried forward and there won’t be a refund for any credit above and beyond a business’ tax liability.
Payments to the Downtown Everett Association can be made through PayPal or by check.
Downtown Everett Association
2707 Colby Ave, Suite F
Everett, WA 98201
Coastal Community Bank
Heritage Bank
Peoples Bank
Funko
Narrative Coffee
Peoples Bank