Jazmin Ramirez Shares Her Touching Story of Getting An Education Because of the Oregon IDA Initiative 

Oregon IDA Tax Credit - Now Accepting Donations for 2017

Bringing Oregonians Together to Make Community Dreams A Reality

With your help this could be the biggest year for the Oregon Individual Development Account (IDA) Initiative. Your contribution will go to Oregonians across the state that are saving for a first home, starting a new business, beginning an education and more. Learn more about the Oregon IDA Initiative.


Important Information for All Donors

  • The Oregon Dept. of Revenue requires we collect donor Social Security Numbers or Employee Identification Numbers
  • There is a $500,000 limit on tax credits an individual can claim on contributions

Security

Neighborhood Partnerships understands that the confidentiality and integrity of Oregon IDA Tax Credit contributors’ information are vital. The Oregon Department of Revenue requests that we collect Social Security Numbers or Employment Identification Numbers from IDA Tax Credit donors. This helps the Department of Revenue connect contributions to tax returns. Neighborhood Partnerships (NP) uses a multi-layer approach to keeping contributor personal information secure. Donor information will only be shared with the Oregon Department of Revenue.

View the Oregon IDA Initiative Security Documentation for Handling Donor Information. 

FAQs

Overall Tax Credit FAQs

Why do you need my Social Security or Employment Identification Number?
The Oregon Department of Revenue now requires that all tax credit contributions include a Social Security Number or Employment Identification Number. This will help the Department of Revenue connect your contribution to your tax return.  Your personal identification is secure and will never be shared with anyone besides the Department of Revenue. View the Oregon IDA Security Documentation for Handling Donor Information.

Do contributions also qualify for a deduction on a federal tax return?
We are restricted from offering tax advice.  As you know, tax issues are very complicated and can vary on a case-by-case basis.  You (or your clients) should consult tax and/or financial advisors before committing funds to the IDA Initiative or any other tax credit program.  This information is not intended to offer nor held out as offering tax or investment advice to any individual or business.

If someone doesn’t need to apply all of one’s tax credits this year, can the credits be used next year? 
Yes.  Excess tax credits can be carried over for up to three years.

Is there a limit to the amount of contributions the Oregon IDA Initiative may receive each year?
The “cap” on contributions to the Initiative is now calculated differently. We are limited to $7.5 million in state expenditure each year.  This is a slight increase over previous funding levels. Track the availability of credits here.

What do I do if an acknowledgement letter has been misplaced for a previous contribution? Are copies available?
We’re happy to help. If you are the donor, contact Hannah Waterman by email or phone (503) 226-3001 x107  and we can mail you and/or email you a copy of the acknowledgement(s). If you are a CPA or financial advisor requesting on behalf of your client, please have your client email us, authorizing us to send you a copy of the acknowledgement.  The letter will indicate the tax credit percentage for the contribution.

What changes have been made to the Oregon IDA Tax Credit?
In 2015, the Oregon Individual Development Account (IDA) Tax Credit was renewed until 2022. In the renewing legislation (ORS 315.271) the Oregon Legislature specified a state contribution of $7.5 million, a tax credit rate not to exceed 70% and no maximum contribution limit for an individual taxpayer.

In 2016, a $500,000 limit on tax credits an individual can claim on contributions was instated. Neighborhood Partnerships, in concert with Oregon Housing and Community Services (OHCS), proposed several strategies to maximize funding to the Oregon IDA Initiative while maintaining quality relationships with donors and financial professionals that have been built over many years. The effectiveness of these strategies will be regularly evaluated.

Beginning in 2017, Oregon IDA Tax Credits will be issued in whole dollars only. We will round down for amounts 49 cents and less.  We will round up for amounts 50 cents and greater. For example, a donation by check of $500.75 will equal a tax credit of $351.00 rather than $350.53.

View a timeline of the 2015 and 2016 changes with links to ORS and bills.

What is the maximum an individual can contribute?
There is a $500,000 limit on tax credits an individual can claim on contributions. For instance, if someone were to contribute via check at the 70% tax credit rate they would be able to donate up to about $714,285.71.

What is the minimum an individual can contribute?
There is a no minimum.

Check Contribution FAQs

What happens if I send in a check and tax credits run out around the same time?
In order for your contribution to “count” it must be physically received in our office and processed by our staff by the time tax credits run out. If we receive your check in the mail after the tax credits sell out, we will return your check with a letter explaining what happened. It is our policy that we do not accept checks in the current year for the following year.

Credit Card Contribution FAQs

Why is the credit card rate lower than the check contribution rate?
The credit card company charges our nonprofit a 3% transaction fee. Many Oregonians with low incomes could benefit from this additional funding. Thank you for understanding.

What if I am having trouble completing the transaction online? Can I give you my credit card number over the phone?
For security reasons, we are not allowed to take credit card contributions over the phone. You can dial (503) 226-3001 x107 or x102 and we will work with you to complete the transaction online. 95% of issues with completing transactions usually occur because:

- The contribution amount has been entered incorrectly. Please do not use any commas or dollar signs.

- For instance if you are trying to contribute ten-thousand dollars enter: 10000 or 10000.00

- The following is wrong: $10000, 10,000; 10,000.00

- Your bank may decline the transaction because you have not alerted them that the large contribution is intentional, and not fraudulent. Please be sure to check your credit limit and alert your bank of your contribution ahead of time.

Stock and Mutual Fund Contribution FAQs

How will my stock be valued?
Please read our stock valuation policy.

What's changed between 2016 and 2017?
Donors may now give stock contributions throughout the year, so long as tax credits are remaining.

Contact us

Hannah Waterman by email or by phone (503) 226-3001 x107.


Managed by Neighborhood Partnerships, the 27-year-old, 501(c)(3) nonprofit partner of the State of Oregon. 

Please note! Tax issues are very complicated and can vary on a case-by-case basis. To determine any additional tax benefits, please contact your tax and financial advisor. This information is not intended to offer nor held out as offering tax or investment advice to any individual or business. You should consult your tax and financial advisor before committing funds to the IDA Initiative or any other tax credit program.