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Can I claim the state tax credit for contributions to both an Oregon ABLE account and an Embark account?

Yes. Oregon residents that have contributed to both an Oregon ABLE Savings Plan account and an Embark account can claim the state tax credit for each plan independently. Therefore, a person is eligible for the state income tax credit for their Embark contributions and eligible for a separate tax credit for their contributions to an Oregon ABLE account. You can earn a maximum of $360 for joint filers and $180 for single filers for each instance that you claim the state tax credit. For example, you would earn $720 total ($360 for Embark contributions + $360 for Oregon ABLE Savings Plan contributions) if you file jointly and are eligible for the maximum tax credit. Your annual income determines how much you need to contribute to earn the full tax credit.

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