Main street tax credit program

This bill makes changes to the Main Street Tax Credit Program by:

Increasing the allowable B&O tax credit and public utility tax (PUT) credit for contributions made to the Main Street Trust Fund from 50% to 75% of the contribution amount.

Increasing the combined total allowable statewide B&O tax and PUT credit amount from $2 million to $5 million per calendar year.

Increasing the combined total allowable B&O tax and PUT credits for each Main Street Program from $100,000 to $160,000 per calendar year.

Allowing credits for contributions made in 2020 to be carried over an additional two years until Dec. 31, 2023.

Expiring the preference on Jan. 1, 2032.

Effective Oct. 1, 2021 ( SHB 1279 , Chapter 112, Laws of 2021).