Overall Tax Credit FAQsclick here to view Questions and Answers
Why do you need my Social Security or Employment Identification Number?
The Oregon Department of Revenue 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?When you donate to the Initiative, you receive a state tax credit that can be used to offset your Oregon income tax liability. As of June 2019, the IRS has clarified that when you receive this state tax credit, you may only claim for a charitable deduction on your federal return the portion of your donation that you DO NOT receive a state tax credit for. For example, if you donate $1,000 and receive a 90% state tax credit ($900), you may only claim the 10% ($100) you do not receive the tax credit for as a charitable contribution on your federal return. You can learn more here. We strongly encourage you to consult with your CPA or tax advisor about any specific questions as we are unable to give tax advice.
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?
Yes, we are limited to $7.5 million in state tax credits each year. 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 Monica Flechtner by email or phone (503) 226-3001 x102 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 is the maximum an individual can contribute?
There is a $500,000 limit on tax credits an individual can claim on contributions per return. That would be a contribution of $555,555. There is no minimum.
What is the minimum an individual can contribute?
There is a no minimum.
Check Contribution FAQsclick here to view Questions and Answers
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 FAQsclick here to view Questions and Answers
For security reasons, we are not allowed to take credit card contributions over the phone. You can dial (503) 226-3001 x102 and we will work with you to complete the transaction online. A majority of issues with completing credit card transactions occur because:
- The contribution amount has been entered incorrectly. Please do not use any commas or dollar signs.
- For example, if you are trying to contribute ten-thousand dollars enter: 10000 or 10000.00
- Please do not enter:
$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 FAQsclick here to view Questions and Answers
How will my stock be valued?
Please read our stock valuation policy.