Sterling Savings Bank Donates $25,000 to Ellensburg Downtown Revitalization Effort
Sterling Savings Bank has donated $25,0000 to the Ellensburg Downtown Association in support of their efforts to revitalize Ellensburg’s historic Downtown. Nicalee Smith of Sterling Savings Bank will present the Association with the check Thursday March 15th at 1 p.m. at the Hal Holmes Community Center (201 N Ruby Street ) immediately following the association's monthly Brown Bag Business Basics workshop.
The Donation is the second such donation Sterling has made to the association. They made a similar contribution last year under a new statewide incentive that allows businesses making a contribution to local revitalization programs like the Ellensburg Downtown Association, to receive a B&O tax credit for 75% of their contribution.
Nicalee Smith of Sterling Savings Bank sees this contribution as a win-win for the bank and their customers. “Many of our customers are downtown businesses and property owners. By making this donation to the Ellensburg Downtown Association we have the opportunity to put dollars that we would otherwise be sending to Olympia, to work right here in our community where we can see the most direct benefit to our customers.”
The Association’s Executive Director, Timothy Bishop agrees. “By taking advantage of the B&O tax credit and investing these funds in the revitalization of Downtown we’re able to help the bank by strengthening the market place where they’re doing business.” Statewide this tax credit is an important tool to help communities like Ellensburg leverage the resources to revitalize our downtowns, and for businesses it’s a great chance to direct their tax dollars in a way that they can see a real impact at the local level.”
The B&O Tax credit was established in the
2005 legislative session as an incentive to assist communities trying to
revitalize their downtowns and allows businesses to take up to $100,000
in tax credits in return for their contribution to a locally designated
revitalization program. Information on how to apply for this new tax
credit is now posted on the Dept. of Revenue website at
http://dor.wa.gov/content/taxes/Incentives/default.aspx#MainStreet
or
for
an overview of the Main Street Bill and the legislation that created
the B&O tax credit follow this link
http://www.cted.wa.gov/_CTED/documents/ID_2379_Publications.pdf
You may also download the FAQ sheet at
http://www.cted.wa.gov/_CTED/documents/ID_2380_Publications.pdf
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www.savedowntown.org