Business and Occupation Tax
The Mount Vernon Downtown Association (MVDA) is pleased to announce the opportunity to put your B&O tax dollars to work in Mount Vernon.
In 2005, main street and revitalization programs across the state introduced and helped pass legislation creating a B&O Tax Credit Incentive Program for businesses investing in local downtown revitalization programs.
If you make a contribution to MVDA before December 31, 2013:
- Part of your contribution qualifies as a 501(c)(6) charitable deduction on your 2013 federal income tax return.
- 75% of your donation is returned to you via B&O tax credits in 2014.
In 2013, $1.5 million in tax credits is available statewide. MVDA can receive up to $133,333 in contributions. Approvals are given each year on a first-come, first-served basis as of January 1.
MVDA is pleased to offer you this opportunity to invest a portion of your B&O tax dollars in our community and simultaneously benefit your business. We hope that you will consider this unique opportunity to invest inDowntown Mount Vernon.
How do I participate?
- Sign up to e-file with the Washington State Department of Revenue at www.dor.wa.gov.
- From there, click on List Of Services, then Apply for Main Street Tax Credit, and Get Started.
- Select Mount VernonDowntown Association as the recipient and enter your contribution amount.
- Write a check in the amount of your contribution to Mount Vernon Downtown Association. All checks must be received no later than December 31, 2012.
Talk to your tax consultant for specific information.
|If your check is for:||MVDA receives:||Your 2014 B&O tax credit is:||Your out of pocket expense is:|
Part of your contribution also qualifies as a 501(c)(6) charitable deduction on your 2013 federal tax return.