The Oregon Political Tax Credit
The Political Tax Credit allows a married couple to contribute up to $100 -- a single person can contribute up to $50 -- to a qualified political cause or candidate and receive the full amount of their contribution back as a credit on their Oregon tax return.
What is a Tax Credit?
Please 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 taxes for 2005 were $500 and you made a political contribution to a qualified political committee of $100, you would only pay $400 in taxes.How Much is the Credit?
The maximum allowable credit for a married couple filing jointly is $100. The limit for individual taxpayers is $50. (You may contribute more to the committee if you desire, but the credit applied to your taxes is limited to $100 for couples, $50 for singles).Which Campaigns Qualify?
Qualifying Oregon political organizations include the following:- Political Parties
- Individual Candidate Committees
- Political Action Committees
Why Should I Contribute?
The Political Tax Credit is a no-cost way to support the political cause of your choice. Said another way, the political tax credit allows you to “re-direct” a portion of your taxes. You can say “R1 ather than giving this $100 to the government, I will give it to a worthy Oregon political candidate instead.” Either way, you still have to spend the money, but you decide how it gets used. So, the Political Tax Credit literally costs you nothing.How do I Record my Credit?
Please keep your canceled check or contribution receipt. You do not need to attach it to your state return, but it’s wise to keep it for your records. If you have any further questions regarding the political tax credit, please consult your tax advisor. Naturally, your tax bill must equal or exceed your contribution in order to receive the full credit. Line 39 on your Oregon tax form is where you write in the amount you donated:
When is the Deadline?
Contributions must be dated no later than December 31, 2005, to receive the credit on your 2005 Oregon State tax return.
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