Keep your tax dollars in Cheney!
If you pay Business and Occupancy Taxes (B&O) or the Public Utility Tax in Washington State, then you are able to "earmark" your tax payment for revitalizing downtown Cheney. Why send your tax payment to Olympia to pay for Puget Sound Ferries when you can send your tax payment to Downtown Cheney to provide:
- Friday Farmers' Market
- Flower Baskets and Planters
- Economic Development Strategy
- Public Art
- Monthly Events shocasing our local talent
- Quarterly community Festivals
- www.downtowncheney.org
- Historic Preservation
- Fish Lake Trail promotion
- Tourism Promotion
Here's How it Works:
The state wants you to support your local Main Street program (like Downtown Cheney). So they have agreed to reward you with a B&O tax credit equal to 75% of whatever you donate to downtown Cheney. So if your annual taxes are $1,000 and you make a $1,334.00 donation to Downtown Cheney, your annual taxes next year would be $0.
To simplify a little:
- •75% of whatever you contribute is returned to you as a credit against your B&O Taxes in the following year.
- •100% of your contribution can also be “written off” as a charitable donation on Federal income taxes.
- •You may contribute up to $100,000 to Pathways to Progress per year.
- • You may contribute quarterly.
Donation/Credit Breakdown
|
|
|
$250
$500
$1,000
$5,000
$10,000
$50,000
$100,000
|
|
Credit
$187.50
$375
$750
$3750
$7,500
$37,500
$75,000
|
So, the more you donate, the more you get back. You can donate up to $133,333.00
Donating is Easy
- •You must be pre-approved by the Washington State Dept. of Revenue.
- •This is because the program is first come, first serve.
- •Once credits are claimed statewide, the program is over for the year.
- •Everything is done online.
- •A few simple steps complete the process
More information and Resources
WA State Law authorizing the program
WA Department of revenue
Information about HDCP (Pathways to Progress)
Main Street Tax Credit FAQ