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Neighborhood Partnerships and partners urge larger tax credit for Individual Development Accounts to avoid program cutbacks
Summary
Advocates told the Senate committee that Oregon's tax credit that funds Individual Development Accounts (IDA) is capped at $7.5 million and has not kept pace with inflation; they asked lawmakers to raise or supplement the cap to avoid a 50% program reduction and to preserve statewide reach.
Staff presented an overview and multiple witnesses testified April 23 in an informational meeting about Oregon's Individual Development Account (IDA) initiative, which matches participant savings and is funded in part by a state tax credit for donors.
A staff presenter explained the current tax credit: donors receive a credit equal to 90% of the amount donated; the credit is nonrefundable, can be carried forward three years and currently has an annual cap on credits of $7,500,000 (allowing roughly $8.3 million in qualifying donations per year). The presenter noted the credit sunsets in 2030 as currently scheduled.
Ethan Livermore, economic justice organizer with Neighborhood Partnerships, said the IDA program has helped more than 19,000 Oregonians over 25…
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