You can receive an Oregon state tax credit for 90% of your contribution when you donate by check, wire transfer, credit card or stock transfer.
Individual Development Accounts, or IDAs, are matched savings accounts that change the financial futures of qualifying Oregonians with lower incomes. Participants build financial skills such as budgeting and saving while they save towards a defined goal, and for every dollar, they save the Initiative typically matches three dollars. With these funds, participants are able to do things like buy their first home, pay their college tuition, or start a small business. The impact of your donation goes beyond the individual saver to their families and communities.
How does a tax credit of 90% of your contribution make sense for tax purposes? Because, if you are eligible to deduct your charitable contributions (as part of your total itemized deductions being greater than the new higher standard deduction), you will get a donation deduction on your federal income tax return in addition to the tax credit on your Oregon return. You could possibly save more in income taxes than the amount of IDA donations you make.
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