If you make annual cash charitable contributions to any of the 1400 qualifying Oregon nonprofit cultural organizations, consider making a matching donation to the Oregon Cultural Trust’s Development Account to get a dollar for dollar Oregon Tax Credit.
On your state tax form you’ll take the tax credit code 807, report the donation to the Oregon Cultural Trust, and you’ll receive 100% of it back. (Up to $500 for individuals, $1000 for couples filing jointly).
Here’s the process:
- Total what you gave to nonprofits on this list during the calendar year.
- Match that donation to the Oregon Cultural Trust on-line or by mail by 12/31.
- On your state tax form report your donation to the OCT and take the tax credit.
Tips:
- You can’t claim an itemized deduction for a contribution to a charitable organization to the extent that you received something of value, such as a tax credit, for your contribution. If you’re itemizing deductions for Oregon, don’t include your contribution to the Oregon Cultural Trust on Schedule OR-A.
- There is no carryforward. Any credit not used that tax year is lost.
- Part-year or nonresidents can multiply the credit amount allowable to a full-year resident by their Oregon percentage.
- A bank statement showing the debited amount, a receipt from the appropriate 501c3, or both are sufficient for taxpayer recordkeeping and protection from any authority.
- Link to Culturaltrust.org Tax Credit FAQ
Oregon Cultural Trust is a cultural promotion and preservation organization in the U.S. state of Oregon. It provides grants and funding to arts, humanities, and heritage organizations to stabilize and expand.
The Trust’s partners include the Oregon Arts Commission, Oregon Council for the Humanities, Oregon Heritage Commission, Oregon Historical Society, and the Oregon State Historic Preservation Office. The trust is funded by the State of Oregon, corporate sponsors, and private donations. A special series of vehicle license plate also helps fund the trust.
This material is compiled from sources SST believes to be reliable. The possibility of error does exist. The material is intended only as educational and may omit information on exceptions, qualifications, definitions, and effective dates. The reader should not rely solely on this material but should review original sources to determine the law and applicability for each situation. Neither the author nor Solid State Tax Service, LLC will be responsible for any error, omission, or inaccuracy under any circumstance.