The Downtown Bellingham Partnership (DBP) has begun rolling out the 2018 Main Street Tax Incentive Program, which allows businesses who donate to the organization the opportunity to receive 75% of their donation back as a tax credit on their state Business and Operations taxes. The tax incentive, which works by allowing businesses to essentially redirect a portion of their state tax liability directly towards programs in Downtown Bellingham, has made a major impact on the health and vitality of downtown in years past.
A statewide program through the Washington State Department of Archaeology and Historic Preservation, the Main Street Tax Incentive Program helps communities across Washington revitalize the economy, appearance, and image of their downtowns through resources and available programs. The Downtown Bellingham Partnership became a Main Street affiliate organization in 2015.
“Being part of Main Street is a huge benefit for our downtown,” Executive Director, Alice Clark, said. “Not only does participation offer important strategies and tools for economic development, it also makes this valuable tax credit available to businesses who want to contribute to the growth and vitality of our city center.”
Money earned through this program has allowed the organization to fund key projects that have helped improve Downtown Bellingham’s urban core. Any donations from this year’s tax credit program will help the organization continue to expand outreach and improvement programs as well as new economic development projects slated for 2018.
Small and large businesses alike can take advantage of the tax credit. Casey Diggs, Lead at Boundary Bay Brewery and President of the Downtown Bellingham Partnership’s Board of Directors, participates in the tax incentive and has pledged to donate again in 2018. The benefits of supporting Downtown and the DBP benefits the community as well as their business, Diggs says.
“Starting our business in a historic building, in a district being revitalized, influenced our choice to open in Downtown Bellingham, Diggs says. The neighborhood has changed so much for the better in the last 20 years and the DBP has been a big part continuing the positive things we’ve seen in downtown more and more.”
Businesses that have donated to the DBP through the Main Street Tax Incentive for 2018 include Aslan Brewing Co., Avenue Bread & Café, Bay City Supply, Boundary Bay Brewery, Clearstory Investments, CRE West Coast, Daylight Properties, Heritage Bank, Math Perspectives, Pacific Continental Realty, Peoples Bank, Puget Sound Energy, RMC Architects, Saratoga Commercial Real Estate, The Shakedown, Sanitary Service Company and Wilson Engineering.
Interested businesses need to apply for the program by January 8, 2018 using an application process through the WA State Department of Revenue. The Downtown Bellingham Partnership is currently assisting local businesses with the application process.
To learn more or receive help in registering your business for the program, contact, Marissa McGrath at marissa@downtownbellingham.com.