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IDA tax credit: LRO and providers warn limited cap curbs program reach; donations increasingly stock-based
Summary
LRO staff and IDA program leaders told the committee the IDA tax credit (now 90% of donations, nonrefundable) has an annual cap raised to $7.7M in 2025 and $8.0M in 2026; program managers said the capped funding forces reduced match amounts and limits participants served statewide.
The committee heard a two-part briefing on the Individual Development Account (IDA) tax credit and the on-the-ground program that uses those funds.
Kyle Easton of the Legislative Revenue Office summarized the tax-credit mechanics: the credit equals 90% of the donated amount, is nonrefundable but may be carried forward up to three years, and had its annual cap increased to $7.7 million for 2025 and to $8.0 million in 2026. Easton said the credit is predominantly claimed by higher-income taxpayers and that donations increasingly come as gifted stock or other capital-gains property, which can be advantageous to…
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