IDA 75% Tax Credit Basics
Individuals and businesses make donations to the Oregon Individual Development Account (IDA) Initiative, managed by Neighborhood Partnerships, and qualify for the Oregon IDA 75% Tax Credit.
For every dollar, the contributor receives a seventy-five percent Oregon tax credit which can be used to directly lower their Oregon tax liability, up to the maximum contribution of $100,000 per return each tax year. For example, if your client, as an individual or a business, donates $10,000 through the Oregon IDA 75% Tax Credit, your client would receive a $7,500 tax credit.
The Oregon IDA Initiative accepts checks, online donations by credit or debit card, and contributions of stocks and mutual funds. The Oregon IDA Initiative is managed by Neighborhood Partnerships, a statewide non-profit 501(c)(3) organization.
The Oregon IDA Initiative is a proven approach which provides access to financial education and matching funds to help Oregonians with low incomes achieve their dream of owning a home, starting a small business, or continuing their education. This successful program provides the skills and funds to help rebuild Oregon’s middle class, and, in the process, rebuild Oregon.
Donations must be received during the calendar year, between January 1st and December 31st, to be eligible for the Oregon IDA 75% Tax Credit for the corresponding year. For instance, if a client wants a tax credit for 2013, the donation must be made between January 1st, 2013 and December 31st, 2013.
Please note! As you know, tax issues are very complicated and can vary on a case by case basis. This information is not intended to offer nor held out as offering tax or investment advice to any individual or business. Your clients should consult their tax and/or financial advisor before committing funds to the IDA Initiative or any other tax credit program.
The Oregon IDA Initiative is managed by Neighborhood Partnerships, a statewide 501(c)(3) non-profit organization dedicated to creating opportunity for low income Oregonians. Neighborhood Partnerships is the non-profit partner of the State of Oregon. The Oregon IDA Initiative is overseen by the Oregon Housing and Community Services Department and the Oregon Department of Revenue.
Would you like more information?
- Frequently Asked Questions about the Oregon IDA 75% Tax Credit
- Download forms and instructions for clients to donate to the Oregon IDA Initiative
- Learn how contributions are making an impact
- See sample instructions for claiming the tax credit on your state and federal tax returns
- The Oregon IDA Initiative is managed by Neighborhood Partnerships; learn more about Neighborhood Partnerships and review our Financial Information and Annual Reports.
Questions? Contact Kathy Turner by email or phone the Oregon IDA 75% Tax Credit direct line at (503) 548-4475.