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Tuesday, December 29, 2009

Editorial: State tax credit

Get your money back by investing in Oregon culture

Copyright 2010 The News-Review. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The News-Review December, 29 2009 3:45 pm

Editorial: State tax credit

Get your money back by investing in Oregon culture

Today, tomorrow, and the next day. That's how much time remains to make a very practical donation to support programs that add color to Oregon life.

It's also the amount of time left before all farm horses age by another year, but let's concentrate on the deadline at hand.

Dec. 31 marks the last day that cultural supporters can make matching gifts to the Oregon Cultural Trust to earn a nifty tax credit. It's a credit that translates into a dollar-for-dollar savings on what a taxpayer owes the state of Oregon.

What does all that mean? Let's go over it a step at a time.

First, we need to define “cultural supporter.” Did you at any point in 2009 pay membership dues to a public broadcaster, museum or historical society? You're a cultural supporter. Did you make a cash donation to a school music booster group, library friends society, Oregon college foundation or any performing arts group? Again, you're in.

Let's say that in the course of the past year, you sent $35 to Oregon Public Broadcasting. You also shelled out $50 to help pay for band uniforms at the local middle school. And don't forget the $15 you paid for a family membership to the Friends of the Douglas County Library, wanting to get in a day early on that book sale.

Add all that up, and your 2009 total in cultural donations is $100.

Now for the matching part. Write out a check for $100 to the Oregon Cultural Trust and mail it to 775 Summer Street N.E., Suite 200, Salem, OR 97301, or pull out your credit card and call (503) 986-0088, or go online to www.culturaltrust.org (online donors have until 11:59 p.m. Thursday to complete the form). You've just matched your cultural donation for last year.

But wait, there's more. When it comes time to fill out your Oregon tax statement, enter “$100” in the box earmarked for a cultural tax credit. Your state tax bill will be reduced by — $100. Doesn't matter whether you file using a long or short form. Nor do you have to claim deductions. But those who do can still claim the deduction as well as the tax credit.

Now, what happens to your donation?

Money raised through the cultural tax credit returns to communities as grants. The Oregon Cultural Trust supports local arts organizations, area museums, archaeological sites, performing arts centers, writing workshops, library lectures and more throughout the state.

The trust also awards grants to applicants for cultural projects and groups seeking to make the arts more accessible on a grassroots level.

It's tempting to dismiss such programs as foo-foo luxuries we can't afford after more than 12 months of financial hardship. Yet the trust was created by civic and business leaders, among others, to provide long-term support for culture in Oregon.

They believed the interest-bearing endowment strengthens the economy, improves education, and betters an area's quality of life.

And those are factors considered by companies on the lookout for places to center industry.

So take a few moments to remember how you supported the arts in 2009, and take the extra step that will pay you back at tax time. It could help provide for a prosperous new year for Oregon cultural programs.

Oh, and to all you horses in Douglas County barns, fields and pastures — happy birthday.


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