We know you have questions. We’ve answered the most common ones here.
A tax credit reduces what you owe the State of Oregon. It’s a much greater savings than a deduction, which only reduces the income on which you are taxed.
Claim the credit for 100 percent of your Trust donation – as long as you’ve made equal or greater contributions to any number of 1,400 qualifying nonprofits — near the end of the tax form, after you’ve figured all your deductions and other tax implications, and just before you tally what you owe the State of Oregon.
If it appears you owe $200 in Oregon taxes but you made a $100 contribution to the Cultural Trust by Dec. 31 of that tax year, your final tax bill will only be $100. Oregonians can claim their donation on line 37 of their Oregon Form 40 tax return.
The “identify” code for the Oregon Cultural Trust is 807. Non-Oregon residents who file Oregon Form 40N (individual income tax return for nonresidents) can claim their donation on line 52.
The “identify” code for the Oregon Cultural Trust is the same on both forms: 807.
The tax credit is generous: up to $500 for an individual, $1,000 for couples filing jointly and $2,500 for Class-C corporations.
You must have Oregon tax liability in order to claim the tax credit. You can claim the tax credit year after year, but you cannot carry it forward from one year to the next.
Turbo Tax Users: On the tax credit question, simply check the box that says “Cultural Development Fund of Oregon,” enter the amount of your Oregon Cultural Trust donation and then enter the code “104” when prompted.
Example: Emma contributed $500 to the Oregon nonprofit cultural organization of her choice. She made a $500 matching donation to the Oregon Cultural Trust. On her Oregon return, Emma will claim a $500 credit for her matching donation to the Oregon Cultural Trust.
Yes, Oregon C-corporations may take a 100% Oregon tax credit up to a maximum of $2,500 in contributions to the Cultural Trust. If you are an Oregon S-corporation this maximum of $2,500 does not apply.
For Oregonians who pay state taxes, statute ORS 315.675(b)(7), states “The credit allowed under this section is in addition to any charitable contribution deduction allowable to the taxpayer.” For Oregonians who file federal returns, the Tax ID number for the Trust is 93-0621491. Under IRC Section 170(c)(1), donations to the Oregon Cultural Trust qualify as deductible charitable contributions on the Federal tax return. Oregon taxpayers should consult with their accredited tax preparer regarding the availability to take the deduction on the Federal return while also taking a credit on the Oregon return for the same donation.
The Cultural Trust tax credit is a standard credit, which makes it a nonrefundable credit.
Yes. Total all of your donations, over the year, to one or more of the participating cultural nonprofits and then make a donation to the Cultural Trust of an equal amount (i.e. $500 total to OPB, High Desert Museum, Oregon Shakespeare Festival, Oregon Bach Festival and Columbia Arts + $500 to Oregon Cultural Trust).
The donation you make for $500 to the Cultural Trust will come back to you dollar-for-dollar when you claim your cultural tax credit.
No. The Oregon Cultural Trust does not ask for proof of your cultural nonprofit donations. However, we encourage donors to keep all donation paperwork with your tax information, including the donor acknowledgement you receive from the Oregon Cultural Trust.
The State of Oregon Department of Revenue may request proof of a cultural nonprofit donation as part of an audit or as part of a review of your tax credit claim.
Yes, the Oregon Cultural Trust has an account within the Oregon State Treasury at the State Street Bank Trust.
The Oregon Cultural Trust is happy to accept contributions of stock. Instructions on making a transfer can be found by clicking here.
Stock transfers usually take several business days to process – and we request that you contact our office at least one business day prior to making the transfer so we have it set up. Once we have been notified your broker may implement the transfer for your tax credit. Once the transfer is complete we will send you a letter acknowledging your contribution.
If you have questions about gifts of stock, contact Kat.Bell@oregon.gov or call 503-986-0082.
No, we are unable to accept gifts of mutual fund shares.
Yes. Contribute to the Oregon Cultural Trust through your will, trust or annuity plan and make sure that the Cultural Trust can continue for generations to come. Visit the leave a legacy page to find out more.
We welcome applications from Oregon cultural nonprofits who wish to be added to our qualified list. For consideration please submit:
Mail all materials with a cover letter to Oregon Cultural Trust, 775 Summer Street NE, Ste. 200, Salem, Oregon 97301-1280 or via email to Aili Schreiner, Trust Manager, Aili.Schreiner@oregon.gov.
Please allow eight to ten weeks for processing your application.
If you have questions about the nonprofit status of an organization to which you donate, check this IRS website to view a nonprofit whose status has been revoked.
All meetings of the Oregon Cultural Trust Board are open to the public.
FY17 Board Meetings
Salem: July 28, 2016
Pendleton: October 27, 2016
Teleconference: February 1, 2017
Ontario: March 23, 2017
Klamath Falls: May 18, 2017
Salem: July 20, 2017
Teleconference: August 16, 2017
Lincoln City: November 9, 2017
Teleconference: February 1, 2018
Portland: March 22, 2018
Salem: May 17th, 2018
Salem: July 19, 2018