Main Street Tax
Credit Incentive
Would you like to know how your B&O Tax Dollars are being used? The Main Street Tax Credit Incentive Program offers businesses a unique opportunity to support the Historic Downtown Snohomish Association (HDSA) while receiving a substantial tax benefit. By participating, businesses can direct their state Business & Occupation (B&O) or Public Utility Tax (PUT) dollars to HDSA's revitalization efforts and receive a tax credit equal to 75% of their contribution.
How it works
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Pledge Your Donation: Starting January 13, 2025, businesses can submit a donation request through the Washington State Department of Revenue's (DOR) online portal. Due to limited available credits, early application is advised.
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Approval: Once the DOR approves your request, you become eligible for a tax credit worth 75% of your pledged contribution to HDSA.
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Make Your Contribution: After approval, you must fulfill your pledged donation to HDSA by November 1, 2025. Payments can be made in installments throughout the year.
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Claim Your Tax Credit: In 2026, you can claim a B&O tax credit equal to 75% of your 2025 contribution. Note that the credit must be used in the year it's available and cannot be carried forward or refunded beyond your tax liability.
Examples:
A $1,000 contribution in 2025 results in a $750 B&O tax credit in 2026.
A $5,000 contribution in 2025 results in a $3,750 B&O tax credit in 2026.
Important Dates
January 13, 2025: Program opens; submit your donation request to the DOR.
March 31, 2025: Recommended deadline to apply, as credits are limited and may be exhausted quickly.
November 1, 2025: Deadline to complete your contribution to HDSA.
Additional Information
​By participating in this program, your business not only benefits from tax credits but also plays a vital role in preserving and enhancing the historic charm of downtown Snohomish.
HDSA is an accredited Washington State Main Street Community, making contributions eligible for this program.
For detailed application instructions, refer to the Washington Trust for Historic Preservation's step-by-step guide.
HDSA is a 501(c)3 non-profit organization. Your donation may also qualify as a deduction on your federal tax return. Consult your tax preparer for personalized guidance.
Thank You to our 2024 Donors
The HDSA board of directors and staff give a special thank you to our 2024 MSTCIP donors
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Corstone Enterprises
Dane Styles
Haggard Electric
Infrasource Services LLC
Karen Guzak Inc
People’s Bank
Puget Sound Energy
Snohomish Bakery
Swan’s Trail Farms
Top It Frozen Yogurt Shoppe