How Does it Work?
The Individual Development Account Initiative was adopted by the Oregon State Legislature in 1999. This Initiative is overseen by Oregon Housing and Community Services and the Oregon Department of Revenue, and is administered by Neighborhood Partnerships (NP). NP is a state-wide non-profit organization, whose innovative leadership and resources support the creation of affordable homes, healthy communities, and economic opportunities for low-income Oregonians.
The IDA Tax Credit begins with your contribution to Neighborhood Partnerships. Seventy-five percent of your contribution becomes a credit on your State of Oregon income tax return. For example, if you as an individual made a donation of $1,000 to the IDA Initiative, you would then be qualified for a tax credit of 75%, or $750 against your state income taxes. The tax credit reduces the state taxes that you would otherwise pay.
Please note! Tax issues are very complicated and can vary on a case by case basis. To determine any additional tax benefits, please contact your tax and financial advisors. This information is not intended to offer nor held out as offering tax or investment advice to any individual or business. You should consult your tax and financial advisors before committing funds to the IDA Initiative or any other tax credit program.
There are currently 1,056 participants in the Oregon IDA Initiative that are benefiting from contributions to this initiative. They are taking financial education classes and receiving other support that will help them succeed at purchasing and maintaining their new asset. Participants are saving for their first home, a secondary education, starting a small business, repairing their primary dwelling or purchasing equipment or technology to support their employment plan. Learn about how your contribution helps low income Oregonians succeed.
I’m ready to contribute and receive a tax credit!
I want more information.
- Download a brochure about the IDA Initiative and tax credit.
- Download a sample letter with tax credit information for filing your state and federal tax returns.
- Download our Oregon IDA Initiative Donor Privacy Policy.
- Find out what IDAs have helped Oregonians accomplish thus far.
Read an article in the Oregonian about the IDA tax credit.
Questions? Contact Cynthia Winter at Neighborhood Partnerships, (503) 226-3001, ext. 101.
