“It is a small price to pay for keeping the grassroots healthyâ€
If you're at all politically active, and political organizations have you email address or your mailing address, chances are they are asking you for donations at the end of the year. Most will reference Oregon's
political tax credit, which almost sounds too good to be true. Give $50 for an individual or $100 for a joint return and all of that money comes back to you in the form of a credit -- not a deduction, as with charitable contributions -- when you file.
You can make a donation to a
major political party or a
minor political party or to any candidate, initiative petition drive or any political organization that has an
Oregon Political Action Committee established.
As a tax credit, there is a cost to the taxpayers in tax revenue lost due to people using the credit. The Oregon Department of Revenue, under the direction of Betsy Imholt, estimated that the cost to the taxpayers would be about $6.7 million for the 2019-21 biennium. That means that about 67,000 people claim the credit each year -- a mere fraction of the
1.92 million individual tax returns filed in 2018.
According to one PAC treasurer, the program is worth it. "It keeps individual contributions flowing and that helps offset large interest and corporate donations. It is a small price to pay for keeping the grassroots healthy."
--Staff ReportsPost Date: 2021-12-20 21:35:35 | Last Update: 2021-12-21 11:49:07 |