If you made charitable gifts or purchased tax-deductible memberships to any of Oregon’s arts, heritage and humanities based non-profits this year, There’s still time to receive a generous tax credit provided by the Oregon Cultural Trust.
The Oregon Cultural Trust is building a permanent endowment fund for culture, providing grant awards to cultural organizations throughout the state, and working to increase participation in cultural programming. Since 2002, the Trust has raised $17million in contributions, including $3.37 million in fiscal 2008.
The Trust is funded by private contributions from individuals and corporations who:
- donate to any number of non-profit cultural organization
- make a matching gift to the Oregon Cultural Trust.
To take advantage of the Cultural Tax Credit for the 2009 tax year, a donor must follow these steps:
Step One: Contribute any amount to one or more of Oregon’s qualifying non-profit cultural organizations during 2009. (A searchable list of 1200 qualifying organizations can be found at www.culturaltrust.org)
Step Two: Make a matching gift to the Oregon Cultural Trust before December 31st, 2009. You can donate on-line at their secure website www.culturaltrust.org
Step Three: Take a 100%, dollar-for-dollar tax credit against your Oregon Income Tax equal to your gift to the Oregon Cultural Trust up to $500 for individuals, $1,000 for couples filing jointly or $2,500 for Oregon corporations.
To illustrate: A couple who makes a $1,000 contribution to Oregon Public Broadcasting and a $1,000 contribution to the Oregon Cultural Trust will receive a $1,000 tax credit on their Oregon Income Tax, a $1,000 deduction on their state income tax and may receive a $2,000 federal deduction. The tax benefits of charitable contributions depend on your personal tax situation. You should consult your personal tax adviser if you have any questions. Further information about the Oregon Cultural Trust can be found at www.culturaltrust.org or by calling the Trust at 503-986-0088.