WF is a 501 (c) (6) organization formed pursuant to 2SSB 6558, prime sponsored by Senator Lisa Brown of Spokane and passed by the 2006 Washington State Legislature. One of the unique features of this law is that contributors to WF, which is an approved motion picture competitiveness program, may receive a credit against B&O tax they incur.
WF can raise up to $3.5M per calendar year. Washington-based businesses with a B&O tax liability can make cash contributions to WF and will then receive a tax credit in return. The following are Department of Revenue requirements for contributing:
- Money must be received by WF before the credit is claimed
- Credit cannot exceed the B&O tax liability due for the reporting period
- Credit may be claimed in the current year or carried over for up to three succeeding years
- No refunds of the credit will be approved
- No application is necessary for the credit (but adequate records must be kept by the business so that the Department of Revenue can verify eligibility of the credit)
- Businesses are required to file electronically with the DOR for all returns
- Credits are available on a first-in basis
B&O taxes are due for monthly reporters on the 25th of the following month. Quarterly filers must report by the end of the month following the close of their quarter, and annual taxpayers must file by the end of January. Once we have reached our annual fundraising limit of $3.5 million, we will contact all of our investors to ensure that no other contributions are wired to our account.
For additional information about how to contribute, please download the Department of Revenue Bulletin from our website or contact Amy Lillard Dee at Amy@WashingtonFilmworks.org or (206) 264-0667.