Using Oregon’s Political Tax Credit · The Political Tax Credit is a no-cost way for most people...
2
$100 .00 u p t o $ 1 0 0 o f y o u r s t a t e t a x e s u s e d t h e w a y y o u c h o o s e . The P o li ti c a l T ax C r e d i t a ll o w s m ost jo i nt f i l e r s t o c ont r ibu t e up t o $ 1 00* (and u p t o $5 0 f o r mo s t sin g l e f i l e r s * ) t o a q ua li f i e d p ol it ic a l c au se, a n d r ecei v e t h e fu l l amount of t heir c ont r i but i on ba c k a s a c r e d i t o n t h ei r O r ego n t ax r e t u r n . Using Oregon’s Political Tax Credit Raphael Antico, Certified Public Accountant Portland, Oregon ©202 0
Transcript of Using Oregon’s Political Tax Credit · The Political Tax Credit is a no-cost way for most people...
$100 .00
up to $100 of your state ta xes used the way you choose .The Political Tax Credit allows most joint filers to contribute up to $100* (and up to $50 for most single filers*) to a qualified political cause, and receive the full amount of their contribution back as a credit on their Oregon tax return.
Using Oregon’s Political Tax Credit
Raphael Antico, Certified Public Accountant Portland, Oregon ©2020
a credit, not a deductionPlease note, this is not a tax deduction like your home mortgage interest deduction or contributions to a charity. This is a dollar-for-dollar credit. In other words, if your total state refund for 2020 was $200 and you made a political contribution of $100 to a qualified political committee, your refund would then be $300.
contribution limitsThe maximum credit for a married couple filing jointly is $100. The limit for individual taxpayers is $50. (You may contribute more, but the amount credited back to you is limited to $100 for joint filers and $50 for singles). Naturally, your Oregon tax bill must equal or exceed your contribution in order to receive the full credit.
The Political Tax Credit is a no-cost way for most people to support the political cause of your choice. It is a credit, not a deduction. It allows you to direct a portion of your tax dollars in a way that YOU choose. Most taxpayers can give up to $100 for joint filers* or $50 for individuals* to an Oregon political organization, and that amount will be credited back to you when you file your state taxes.*Individuals with a federal adjusted gross income exceeding $75,000 or joint filers whose combined adjusted gross incomes exceed $150,000 do not qualify for the Oregon Political Tax Credit.
A Dollar-for-Dollar Credit.
the deadlineContributions must be dated no later than December 31, 2020 to receive the credit on your 2020 Oregon tax return.
qualifying contributionsQualifying Oregon political organizations include Political Action Committees, Candidate Committees, and Political Parties.
Raphael Antico, Certified Public Accountant Portland, Oregon ©2020
