(1) Subject to the limitations in this chapter, a credit is allowed against the tax imposed by chapters 82.04 and 82.16 RCW for approved contributions that are made by a person to a program or the main street trust fund.

     (2) The credit allowed under this section is limited to an amount equal to:

     (a) Seventy-five percent of the approved contribution made by a person to a program; or

     (b) Fifty percent of the approved contribution made by a person to the main street trust fund.

     (3) The department may not approve credit with respect to a program in a city or town with a population of one hundred ninety thousand persons or more.

     (4) The department shall keep a running total of all credits approved under this chapter for each calendar year. The department shall not approve any credits under this section that would cause the total amount of approved credits statewide to exceed one million five hundred thousand dollars in any calendar year.

     (5) The total credits allowed under this chapter for contributions made to each program may not exceed one hundred thousand dollars in a calendar year. The total credits allowed under this chapter for a person may not exceed two hundred fifty thousand dollars in a calendar year.

     (6) The credit may be claimed against any tax due under chapters 82.04 and 82.16 RCW only in the calendar year immediately following the calendar year in which the credit was approved by the department and the contribution was made to the program or the main street trust fund. Credits may not be carried over to subsequent years. No refunds may be granted for credits under this chapter.

     (7) The total amount of the credit claimed in any calendar year by a person may not exceed the lesser amount of the approved credit, or seventy-five percent of the amount of the contribution that is made by the person to a program and fifty percent of the amount of the contribution that is made by the person to the main street trust fund, in the prior calendar year.

[2005 c 514 § 904.]

NOTES:

     Short title -- 2005 c 514 §§ 901-912: See note following RCW 43.360.005.

     Effective date -- 2005 c 514: See note following RCW 83.100.230.

     Part headings not law -- Severability -- 2005 c 514: See notes following RCW 82.12.808.