Be more than an accountant this season -- be a champion for arts, heritage and humanities by informing your clients who support nonprofit cultural organizations that they can receive a dollar-for-dollar state tax credit by making a contribution to the Oregon Cultural Trust.
The Cultural Trust tax credit is a unique way for Oregonians to fund statewide cultural activities into perpetuity. To qualify, your clients need to first donate to one or more of 1,600+ qualified nonprofits, then make a contribution to the Oregon Cultural Trust on our website, by phone or by mailing a check.
Making the donation to the Trust with appreciated stock, or from an IRA (if over age 70 ½), may provide additional tax benefits. For clients using Donor Advised Funds for their charitable giving, the donation to the Trust must come from an alternate source of funds to qualify for the tax credit.
For your clients who pay state income tax, they will get up to 100% of the Cultural Trust donation back in the form of a state tax credit. It costs them nothing. The tax credit is limited to $500 for individuals, $1,000 for married couples filing jointly, and $2,500 for C-corporations. Note that if the amount owed in taxes is less than the donations made, the tax credit could be less than 100%.
Many taxpayers are making cultural donations, but less than 10% of donors who qualify actually claim the tax credit on their Oregon returns, leaving a significant amount of money on the table that could be funding arts, heritage and humanities.
Thank you for reminding clients to make their charitable contributions by December 31 and urge them to take full advantage of Oregon’s Cultural Tax Credit. Donors must also make their matching gifts to the Trust before the end of the year.
The Cultural Trust is also holding 20-minute webinars about the credit at 11 a.m. on Wednesday, Nov. 29 and at 1 p.m. on Thursday, Dec. 14. You can register to attend either session here.
Thank you for helping us Make Culture Count in Oregon!
Checks can be mailed to:
Oregon Cultural Trust
775 Summer Street NE, Suite 200
Salem, OR 9730