Is there an Oregon state income tax credit?
Yes. All Oregon residents are eligible to receive a refundable 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 Plan account. The tax credit is periodically adjusted for inflation, so please check back on our website for the most up-to-date numbers.
Your annual income determines how much you need to contribute to earn the full tax credit. See how much you need to save to claim the credit.
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 |
