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globalvillage Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-05 03:33 PM
Original message
Tax Credit for Political Contributions
Does your state allow a tax credit for political contributions?
Ken Blackwell has just sent a letter to his mailing list asking them to donate $50/individual or $100/filing jointly to his campaign and take the Ohio tax credit. This is a perfectly legal deduction in Ohio, and he's taking full advanatage of it.
Please check to see if your state allows political contributions to be deducted. This could mean 'free' money for Democrats running for state offices (maybe local, too? read the rules for your state), and may not cost you a dime if your state allows full tax credit up to a certain dollar amount and your state tax liability exceeds that amount.
I will add that I am NOT a tax professional, so check the rules in your state carefully. But please check.
If there are DU members who know the tax laws in your state, please advise.
Thanks.
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Blue_In_AK Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-05 03:35 PM
Response to Original message
1. No, not here...
I contribute to the Alaska Democratic Party "Dollars for Democrats," and it specifically states on the back that donations are not tax deductible.
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catmother Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-05 03:39 PM
Response to Original message
2. i'm in arizona -- i can donate $200.00 to any school and completely
write it off, but my accountant has never said anything about political contributions.
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globalvillage Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-05 03:43 PM
Response to Original message
3. Arkansas
From last year. Check for updates.

A credit of up to $50.00 per taxpayer ($100.00 for a joint return) is allowed against your Arkansas Individual Income Tax liability
for money contributions made by the taxpayer to one of the following:
(1) A candidate seeking nomination or election to a public office or to the candidate’s campaign committee; or
(2) A small donor political action committee as defined by Arkansas Code Annotated § 7-6-201; or
(3) An approved political action committee as defined by Arkansas Code Annotated § 7-6-201; or
(4) An organized political party as defined in Arkansas Code Annotated § 7-1-101.
For the purposes of this credit, “Public Office” means any office created by or under the authority of the laws of the State of
Arkansas, or a subdivision thereof, that is filled by the voters. The credit does not apply to contributions made to
candidates for federal offices. The contribution must be made by April 15, 2005 to be claimed on the 2004 tax return.
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CatholicEdHead Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-05 03:46 PM
Response to Original message
4. We can give $50 in political contributions
and get it back as a rebate in the next tax cycle.
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globalvillage Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-05 03:50 PM
Response to Original message
5. Oregon
Political Contributions Tax Credit


Oregon law allows a tax credit for political contributions.

Who may claim the credit?

To qualify for the Oregon credit, you must have contributed money in the year for which you claim the credit. You must reduce the amount of your contribution by the fair market value (FMV) of any item(s) or service(s) you receive in exchange for your contribution. Contributions of goods or services also do not qualify. Keep receipts from the candidate or organization with your tax records. You may use copies of canceled checks as your receipt.

Example 1: Holly contributes $275 for a fund-raising dinner for a presidential candidate. The FMV of the dinner was $35. Holly´s political contribution is $240. She must reduce her $275 contribution by the $35 FMV of the dinner she received. As a single individual, Holly´s political contribution is limited to $50.

http://www.oregon.gov/DOR/PERTAX/IC-101-662.shtml
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Blue_In_AK Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-03-05 04:44 PM
Response to Original message
6. I think I misread this...
Are you talking about STATE income tax deductions? In that case, it's irrelevant in Alaska because we don't have a state income tax.
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