What is the Oregon income tax credit?
All Oregon taxpayers who contribute to one or more Oregon ABLE Savings Plan accounts can receive tax benefits up to the maximum allowable amount for that tax year. They can receive a state income tax credit up to $360 for joint filers and up to $180 for single filers on contributions made to an Oregon ABLE Savings account. The amount of the credit is based on a taxpayer’s Adjusted Gross Income (AGI).
Adjusted Gross Income (AGI) of the contributor | Percentage of contributions eligible for tax credit | Contribution needed to maximize $180 tax credit for single filer | Contribution needed to maximize $360 tax credit for joint filer |
|---|---|---|---|
Less than $30K | 100% | $180 | $360 |
$30,001-$70K | 50% | $360 | $720 |
$70,001-$100K | 25% | $720 | $1,440 |
$100,001-$250K | 10% | $1,800 | $3,600 |
More than $250K | 5% | $3,600 | $7,200 |
