KDP announces Main Street Tax Incentive Program

Businesses can apply for credit

  • Wednesday, February 5, 2020 4:50pm
  • Business

The Kent Downtown Partnership announces 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. Its mission is to create and promote economic vitality in historic downtown Kent. The Main Street Tax Credit is a way of ensuring your tax dollars stay in your community.

Any business, within or outside of Kent, which 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 Department of Revenue account and select the Kent Downtown Partnership to receive the contribution. Approvals are given on a first-come, first-served basis. Due the popularity of this program, it is important that you register with the Dept of Revenue (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, and payments made no later than Nov. 15 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 KDP Executive Director Gaila Gutierrez at ggutierrez@kentdowntown.org or 253-813-6976.

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