Tuesday, December 9, 2008

Cultural Trust -- a very tasty free lunch

You can support the same arts and culture groups in Salem that you've been supporting but, if you kick in a matching amount to the Oregon Cultural Trust, you can also get the state to give you the money you gave to the Cultural Trust right back in the form of a full tax credit (i.e., it comes off your taxes, it's not just a deduction against income).

That's up to $500 per person, $1000 for a couple, and it doesn't matter if you itemize your federal return or not.

Of course, let's say you and your spouse give $1000 to your favorite arts group--say, The Historic Elsinore Theatre (which would be an excellent choice, by the way) or the Salem Public Library Foundation (another excellent choice). Then you give another $1000 to the Oregon Cultural Trust.

Come tax time, assuming you are itemizing your federal tax return and pay in the 25% bracket, you reduce your federal tax liability by $500 (25% x $2000). THEN, on your Oregon return, you get the full $1000 you gave to the Oregon Cultural Trust back, because it reduces your Oregon tax liability dollar-for-dollar. Thus, for only $500, you managed to direct $2000 worth of benefits to yourself and your community, including supporting your favorite Salem groups.

(Note that the Oregon Garden Foundation is one of the qualifying organizations, so if you want to support that brilliant, innovative place, you can do so as well.)

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