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| Child care tax credit available to individuals/business | ||
| 11/21/2005 | ||
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Program aimed to improve quality, affordability of care CONTACT: Tom Olsen WorkSource Oregon Employment Department Child Care Division (503) 947-1409 An innovative tax credit program has been created by the Oregon Legislature with the goal of supporting quality, affordable child care. The Oregon Child Care Contribution Tax Credit was enacted by the 2003 Oregon Legislature. In this program, an individual or business contacts the Oregon Child Care Division to contribute to the Child Care Fund. They receive a tax credit of .75 for every dollar contributed to the fund. The law allows the receipt of $500,000 in contributions for tax credits. In 2004 all the tax credits were issued. In addition, the federal government has recognized the Child Care Contribution Tax Credit as eligible to be treated as a charitable contribution. Contributors should consult with their tax advisor regarding the use of credits and deductions for tax purposes. Money contributed to the Child Care Contribution Tax Credit is distributed by the Child Care Division to qualified community agencies selected as demonstration sites through a competitive process. The funds are used to increase provider wages, professional development, and to decrease parent cost to less than ten percent of family income. In March, 2005 the first such pilot program was established in Lane County through Lane Community College Lane Family Connections. The Oregon Child Care Division is currently seeking contributions to the Child Care Fund for tax year 2005. Individuals and businesses are encouraged to act quickly to ensure sufficient tax credits are still available to them. For more information, or to make a contribution contact Brent DeMoe at 1-800-556-6616, or go online at www.oregon.gov/employ/ccd. -30-
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