Community organizations working to revitalize main street businesses could receive more donations under legislation co-sponsored by Sen. Joe Fain, which today passed the Senate.
Washington offers a popular Main Street tax credit program for private donations to main street business development non-profits. However, participation is limited due a cap on the total amount of credits available statewide.
“Thriving downtown businesses provide an enjoyable place for families to visit,” said Fain, R-Auburn, who represents South King County in the state Senate. “Success on main street leads to more community jobs and a stronger local economy. The Kent Downtown Partnership visited me in Olympia earlier this year to advocate for this bill. They have put this credit to great use, making them better able to attract new businesses and development.”
Under the legislation the cap would be increased to $2.5 million in credits available.
The Main Street tax credit incentive program provides a business and occupation or public utility tax credit for private contributions given to eligible downtown organizations.
Current donations earning receive tax credits are being spent on small business development, marketing, main street rehabilitation and community events among other items.
The bill passed the Senate by a 46-0 vote on the ninth day of a special legislative session.