$100,000 in tax credits are available for businesses contributing to local Downtown revitalization efforts.  The Main Street Tax Credit established by the Washington State Legislature in 2005 allows businesses who contribute funds to designated downtown revitalization programs like the Ellensburg Downtown Association to receive a 75% credit against their B&O taxes for the donation.  Businesses can receive up to $100,000 in tax credits each year.

The Ellensburg Downtown Association has received several donations in the past two years as a result of the tax credit.  Sterling Savings Bank has donated $25,000 each of the last two years and Cashmere Valley Bank recently donated $5000 using this incentive.  Other businesses that have used this tax incentive to support the Ellensburg Downtown Associations efforts in the past years include, the Downtown Pharmacy, Kittitas Valley Green house and Pearl’s on Pearl. 

The Association’s Executive Director, Timothy Bishop sees the tax credit as a win-win for the association and local business owners.  “By taking advantage of the B&O tax credit and investing these funds in the revitalization of Downtown, business owners get to put those tax dollars that would be going to Olympia, to work right here in their own community where the EDA is can use them to  strengthen 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.”

Over the last two years the Ellensburg Downtown Association has received about $31,000 each year from businesses taking the tax credit.  The association uses the funds to support a comprehensive Downtown revitalization program using the Main Street approach focusing on the four points of design, organization, promotion, and economic restructuring. 

To take advantage of the tax credit businesses can apply online using a simple online form on the Department of Revenue website, once approved they have until the end of the calendar year to make the donation. 

For more information contact the Ellensburg Downtown Association at 509-982-6246 or email info@ellensburgdowtntown.org