Contributor support of the Oregon IDA tax credit makes dreams come true across the state while building a stronger and more resilient Oregon.
As you may know, this has been a period of change for the Oregon IDA Tax Credit. Thank you for your patience.
Earlier this year, we tried a stock auction. Thank you to the more than 50 people who contributed $2 million at tax credit rates that ranged from 60% to 70%. We heard, in conversation with donors, CPAs, and financial advisors, that the auction process made it difficult to plan ahead and that the process itself was cumbersome.
We have changed the stock and mutual fund donation procedure to respond to that feedback.
The next opportunity to donate by stock or mutual fund will not be an auction.
New IDA Tax Credit Sale Details for Stock and Mutual Funds
We have developed a new process for stock and mutual fund donations for the Oregon IDA tax credit in 2016:
- $2.5 million worth of credits or remaining available credits (whichever is greater) will be available to stock and mutual fund contributors.
- The tax credit rate for all stock and mutual fund contributions will be 67% – there will be no auction.
- Beginning Sept. 7 at 8am an online form will be available to the public on our Oregon IDA Initiative website. Donors who would like to participate in donating stock or mutual funds will be required to complete and submit the online form to indicate how much they would like to contribute to the IDA tax credit. The form will “close” and be removed from online access at 5pm on Sept. 9. Forms submitted after 5pm on Sept. 9 will not be accepted.
- The submitted online form will act as a placeholder for your stock or mutual fund contribution. Entries will be counted on a “first come, first served” basis. If the amount you request in tax credits puts you over or partially over our tax credit capacity, you will be given the option to contribute a portion of your stock or mutual funds.
If you submit your online form before the deadline of 5pm on Sept. 9 and before all $2.5 million in credits (or the balance of credits remaining) has been claimed, we will contact you with the details to transfer your stock or mutual fund shares. If you did not make the cutoff you will also be notified via email.
Components of the Online Form
The form will be simple and should take less than 60 seconds to complete.
You will need to have ready:
- Donor name/company
- Donor email
- Donor phone number
- CPA/Financial advisor/Broker name (if applicable)
- CPA/Financial advisor/Broker company (if applicable)
- CPA/Financial advisor/Broker email (if applicable)
- CPA/Financial advisor/Broker phone (if applicable)
- Dollar amount you wish to contribute in stock or mutual fund shares (you will not need to give us number of shares or share symbols at this point). To account for market fluctuations, the dollar amount you actually contribute may be a couple of percentage points higher or lower than the amount you declared on the form.
The online form will be posted at https://oregonidainitiative.org/donate/stocks/ on Sept. 7 at 8am.
We will maintain an open dialogue throughout the process. Any questions and suggestions you have are welcome. In the coming years we hope to stabilize the stock and mutual fund donation process to make it more predictable and easier.
Please let us know if you have questions. We can be reached at 503-548-4475 or via email at firstname.lastname@example.org.