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. Go here to learn more about how the initiative works.
The Oregon IDA Initiative is funded by the Oregon IDA Tax Credit. Oregon contributors may receive up to a 70% tax credit on their Oregon state returns for contributions made. This means the state gets $1 of investment for every 70 cents or less that it spends. Contribute today to support this incredible Initiative and help Oregonians across the state change their lives.
We strongly encourage you to consult your CPA or tax preparer about recent changes to the federal tax law and the proposed regulations issued on August 23, 2018. These changes impact your ability to deduct a charitable contribution on your federal return when you receive a state tax credit. Here is more information: https://www.federalregister.gov/documents/2018/08/27/2018-18377/contributions-in-exchange-for-state-or-local-tax-credits