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Happy Holidays from Neighborhood Partnerships!
The general consensus is that it's been quite a year, and here at Neighborhood Partnerships we would have to agree! In spite of the challenges of this year, we know that there is still much to be thankful for. Thank you all for your partnership and support.Happy Holidays to all! Here’s hoping you find rest, rejuvenation, and inspiration so that we can work together in the new year to overcome challenges and create new opportunity!
You may not realize it, but Neighborhood Partnerships markets the Oregon IDA Tax Credit to support the Oregon IDA (Individual Development Accounts) Initiative, which helps low income Oregonians get back into the economic mainstream. Individual Development Accounts build the financial management skills of low income Oregonians while they save towards a goal – homeownership, business development, higher education, and employment opportunity. IDAs support movement out of poverty, support wealth creation in low income communities, and provide models for economic success to individuals and their communities. Donor contributions make this program possible
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The IDA Initiative is funded through the Oregon IDA Tax Credit, approved by the Legislature in 1999. The Oregon IDA Tax Credit begins when you make a contribution to Neighborhood Partnerships. Seventy-five percent of your contribution returns to you as a tax credit on your State of Oregon income tax return, while over 95% of your contribution goes to work to build financial security for low income Oregonians who are working to build better lives. For example, if you as an individual made a donation of $1000 to the IDA Initiative, you would then be qualified for a tax credit of 75%, or $750 against your state income taxes. Think about it. That’s like paying only $250 to give $1000!
Quick Facts:
- There is no minimum contribution. The maximum contribution is $100,000 per year per tax return.
- The Oregon IDA Initiative accepts checks, credit cards, or the transfer of stocks or mutual funds.
- Credits can be rolled over for up to three years.
- Donations for the 2009 tax year must be made by December 31st.
Thanks to the generous support of hundreds of Oregonians, the Oregon IDA initiative has seen 1,183 participants graduate, and is currently assisting 1,040 IDA participants to:
- Launch new businesses that create jobs for them and for others.
- Get the education and training they need to qualify for better jobs.
- Build new homes and better lives.
- Create neighborhoods that will draw more services, more businesses, and more career opportunities.
To learn more or to download a Donor Form with instructions on how to contribute go to http://ida.neighborhoodpartnerships.org or call Cynthia Winter at 503-226-3001, x101.
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.
In This Issue
Happy Holidays!IDA Tax Credit Spotlight
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