The Oregon Individual Development Account IDA) Initiative builds strong communities from the ground up, by providing individuals and families incentives and support as they work to invest in their futures.
Oregonians from all corners of the state benefit from IDAs. They work with local partners to build skills and knowledge as they develop a strong savings habit. Their savings are matched by IDA Initiative dollars (usually at a 3 to 1 rate) as they reach their goals with a solid plan for their future.
Our proposal for legislative changes in 2019 includes an increase in tax credit authority, and several changes to the statutes which define uses of IDAs and administration of the Initiative.
Increase tax credit authority from $7.5 to $15 million and adjust credit value
The Oregon IDA Initiative is funded by a state tax credit. We would like to double the tax credits to $15 million. This would allow us to meet demand by Oregonians who are ready to save for a better future. We also need to adjust the value of the credit to be above 70% because of changes at the federal level.
Allow savings to be accelerated
Increase the allowable state match to $3,000 per every six month savings period
Remove outdated references to federal programs, update language, and simplify program administration
Make IDAs for home repairs easier to use
Join us! See below to endorse the legislative request, and to let us know how you want to help.
Yes! I endorse/my organization endorses the Oregon Individual Development Account Initiative 2019 request to double the tax credit authority to $15 million. The Oregon IDA Initiative is investing in individuals to build strong communities throughout Oregon.