Commercial area revitalization contributions (main street program)

From the 2024 DOR Tax Exemption Study

82.73.030 - Commercial area revitalization contributions (main street program) Description Subject to limitations, approved contributions made to a qualifying non-profit organization in the Main Street Program or to the Main Street Trust Fund are eligible for a partial B&O or PU tax credit. The credit is either 75% of the approved contributions made to a Main Street Program or to the Main Street Trust Fund. The total amount of these credits statewide cannot exceed $5 million per calendar year. Credits are not available for contributions to a program in a municipality with a population of 190,000 or more at the time of designation. Purpose Encourages the revitalization of downtown or neighborhood commercial areas. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $4.120 $4.120 $4.120 $4.120 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $3.780 $4.120 $4.120 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in f