The bill amends RCW 82.73.030 to allow main street programs to utilize remaining main street tax credits during a specified period at the end of the calendar year. It introduces new provisions that permit individual programs to access any unused credits from the statewide allocation between October 1st and December 31st of the same year. Additionally, the total credits allowed for each program can now reach up to $250,000 in a calendar year, which is an increase from the previous limit of $160,000.

Furthermore, the bill maintains the existing structure of tax credits for contributions made to main street programs and the main street trust fund, with specific percentages allocated for each. It also stipulates that credits must be claimed in the year following the contribution and cannot be carried over, except for credits from calendar year 2020, which can be used until December 31, 2023. The bill ultimately sets a deadline for claiming any credits, stating that no credits will be allowed after January 1, 2032.

Statutes affected:
Original Bill: 82.73.030
Substitute Bill: 82.73.030
Engrossed Substitute: 82.73.030
Bill as Passed Legislature: 82.73.030
Session Law: 82.73.030