The city collects $35 per adult in the household every year. Collections continued through 2020. That money is dedicated to funding K-5 arts education in the city’s school districts. Leftover funds go to the Regional Arts and Culture Council which distributes grants to arts organizations.
Where does the arts tax money go?
Most of the money is split among 6 school districts and charter schools in Portland. The majority of the money always goes to Portland Public Schools as it’s the biggest school district in our city. The funds collected in tax year 2019 totaled $9,915,000.
What does the Portland Art tax pay for?
The Portland Arts Tax, formally the Arts Education and Access Income Tax, is a $35 tax paid by residents of Portland, Oregon to support school teachers and art focused nonprofit organizations. Residents age eighteen or older with $1,000 or more of taxable income are required to pay the tax.
What happens if you don’t pay Portland arts tax?
If you fail to pay, the city adds a $35 penalty. A private debt collector tacks on $5.56 interest and $16.10 in collection fees. Suddenly, payment due for the Arts Tax has jumped from $35 to $91.66, a 162% increase. The longer you wait to pay, the more debt collectors make.
Can I deduct Portland arts tax?
Taxpayers that itemize deductions on their federal income tax return will generally be able to deduct their 2019 Arts Tax payment paid in 2020 on their 2020 Schedule A (as State and Local Income Taxes).
Do seniors have to pay Portland Art Tax?
Yes. Every adult resident must file the Arts Income Tax Return. If you live in a household above the federal poverty level, but you have less than $1,000 of annual taxable income, indicate by checking the box that states “No – less than $1,000 of income”.
Is Portland good for artists?
Portland is, hands down, the best center for independent and forward-thinking artists.
Are art purchases tax deductible?
The IRS generally lets you write off all of your office expenses against your business’ profits. You can claim the purchase of some artwork along with other office decorations, although it may need to be depreciated. However, if the artwork is “valuable and treasured,” it’s not depreciable.
Can I pay the Portland arts tax online?
Through Portland Revenue Online, you can file and pay your annual Arts Tax Return or claim an exemption.
Does Portland have a local income tax?
Oregon imposes new local income taxes for Portland Metro and Multnomah County. Effective January 1, 2021, two new Oregon local income taxes apply, the Portland Metro Supportive Housing Services Income Tax and the Multnomah County Preschool for All Income Tax.
What is considered low income in Oregon 2020?
The Oregon Poverty Measure is meant to supplement the federal Official Poverty Measure, which tracks how many people fall below the federal poverty level. In 2020, that means an annual income of $26,200 or less for a family of four, or $12,760 for an individual. … Enter the Oregon Poverty Measure.
What are Oregon state taxes?
Oregon’s taxable income is closely connected to federal taxable income. The state personal income tax rates range from 4.75% to 9.9% of taxable income.
What area code is 97217?
Zip Code 97217 Profile Data
|Official Zip Code Name||Portland|
|Zip Code State||Oregon|
|Zip Code Type||Non-Unique|
|Area Code||503 / 971|
How do I pay Oregon state taxes?
Electronic payment using Revenue Online. Choose to pay directly from your bank account or by credit card. Service provider fees may apply. Electronic payment from your checking or savings account through the Oregon Tax Payment System.
- Electronic payment using Revenue Online. …
- ACH Credit. …
- Mail a check or money order.
Why might it be beneficial to file a tax return even if you don’t meet the requirements to file?
If you don’t owe tax at the end of the year, but had taxes withheld from paychecks or other payments—filing a return may allow you to obtain a tax refund. You may also be eligible for certain refundable tax credits, like the Earned Income Tax Credit (EITC), which could generate a refund for you.