Oregon Tax Break Deadline Looms

News Release from: Oregon Cultural Trust

Cultural Supporters Have Just Two Weeks to Make a Donation that will earn a 2009 Oregon Tax Credit.

Any Oregonian who belongs to a public broadcaster, museum or historical society is a cultural donor. Everyone who makes cash donations to a school music booster group, library friends society, an Oregon college foundation, or any performing arts group is a cultural donor.

In Oregon, cultural donors can make a matching gift to the Oregon Cultural Trust to earn the state's unique cultural tax credit ­ a 100%, dollar-for-dollar, bottom line savings on what you owe the state of Oregon. The cultural tax credit may be claimed for a gift to the Cultural Trust of up to $500 by individuals, $1,000 by couples filing jointly, or $2,500 by corporations ­ as long as that gift is matched by equal or greater contributions to any of Oregon's nearly 1,300 arts, heritage and humanities by nonprofits. A searchable database of qualifying nonprofits can be found at www.culturaltrust.org.
But, like any charitable contribution, gifts must be completed by December 31.

Here's how it works. Say, you're a member of a public broadcaster at $60; you joined the historical society for $50; and you supported the local schools foundation at $50. Your cultural donations total $160. Make a matching gift to the Cultural Trust of $160 by December 31 and, when it comes time to do your 2009 taxes, the cultural tax credit will reduce your tax bill by…$160.
A tax credit is easier to claim than a deduction. It can be claimed by anyone who owes Oregon taxes; you don't have to itemize deductions, and the cultural tax credit can be claimed on the short form, or long.
The money raised through the cultural tax credit returns to the community as grants that benefit every county in Oregon.

If you donate online, you have until 11:59 PM on Wednesday, December 31, 2009 to make a gift that will save significantly on your 2008 Oregon taxes.