Today we sent an email to our donor, CPA and financial advisor partners announcing the Oregon IDA Tax Credit contribution process for 2016. We have republished that email in its entirety.
As a friend of the Oregon IDA Initiative, we want to share some important updates.
There will be changes this year to how we sell the Oregon IDA Tax Credit. Those changes have been made to increase the impact on the lives of your fellow Oregonians.
Thanks to you and our many other loyal donors and partners, from January 2012 to May 2015 the number of IDA savers nearly doubled. About 5,000 Oregonians participated in the IDA Initiative during that time.
Participants worked hard to open IDA accounts and to make transformations to start small businesses, buy a first home, get a college education and more. They have also reported dramatic increases in use of household budgets, knowledge of their credit score, keeping an emergency fund and keeping an active savings account. These healthy habits and savings create choice and open doors to opportunity for individuals and families.
We think you’d agree that this is the kind of transformation which Oregon needs more of. Yet, for the last few years funding has been flat and we have been unable to keep growing the rate of new participants a year. If we kept on our previous trajectory we’d be able to add about 1,600 new participants per year. But that’s only a fraction of the people who want to participate.
2017 could be the year more Oregonians than ever are able to make dreams come true. But we need you.
How 2016 Tax Credits Will Be Sold
This past winter, Neighborhood Partnerships consulted with a focus group of Oregon donors and financial professionals to help gather feedback on changes to the Oregon IDA Tax Credit. One message that came through loud and clear is that they want the Initiative to be impactful for Oregonians. We’ve tried to balance making donations easy with the need to increase our impact in Oregon communities.
Thank you for your patience with these changes. We look forward to working with you to make these changes a success. We have outlined the new procedures below by contribution type. You can also find more information on our website OregonIDAInitiative.org/Donate
Contribute via check or wire transfer:
- You can contribute starting May 2 until we have reached our limit for 2016 tax credits
- You will receive an Oregon state tax credit equaling 70% of your contribution
Contribute via credit card:
- You can contribute starting May 2 until we have reached our limit for 2016 tax credits.
- Your tax credit rate will be 67% (a 3% reduction to account for credit card processing fees incurred by our nonprofit).
Contribute stock or mutual funds:
- You can submit a bid via auction during the following time period: May 9 – May 20
- The Oregon Dept. of Revenue now requires we collect donor Social Security Numbers or Employee Identification Numbers
- In 2016, we restored a maximum contribution amount, which is now $500,000 per tax payer
Please call us with any questions at 503.548.4475 or email me at mkinshella@NeighborhoodPartnerships.org.