The Oregon Political Tax Credit
YOU HAVE THE POWER TO CHANGE THE POLITICS OF OREGON.....
.....AND IT COSTS YOU NOTHING.
Oh, if you don't use it, guess who
gets to keep it and spend it instead...
WHAT'S STOPPING YOU?
Detailed Explanation of the 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 and receive the full amount of their contribution back as a credit on their Oregon tax return.
The Deadline
Contributions must be dated no later than December 31st, 2008 to receive the credit on your 2008 Oregon tax return. Contribution checks dated December 31, 2008 will still apply to 2008 if received by Jan 7, 2009. All contributions dated January 1, 2009 or later will be applied to your 2009 Oregon Political Tax Credit.
A Credit, not a Deduction
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 2008 are $500 and you made a political contribution to a qualified political committee of $100, you would only pay $400 in taxes.
Please Note
Contributions or gifts to the Washington County Republican Party are not deductible as charitable contributions for Federal income tax purposes.
Contribution Limits
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). Naturally your tax bill must equal or exceed your contribution in order to receive the full credit.
Qualified Contributions
Qualifying Oregon political organizations include the following:
• Political Parties
• Individual Candidate Committees
• Political Action Committees
You Have a Choice
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 "rather than giving this $100 to the government, I will give it to a worthy Oregon political organization 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.
Records
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.
©2009 Raphael Antico CPA
8705 SW Nimbus, Ste 350 Beaverton, OR 97008
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Paid for by the Washington County Republican Central Committee (Oregon) www.WashCoRep.org • (503) 922-1678
Not authorized by any candidate or candidate's committee. |
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