Oregon tax deduction to be replaced with tax credit

Recent legislative action has made significant changes to the Oregon College Savings Plan. The current tax deduction is being replaced by a refundable tax credit.

The tax credit goes into effect on January 1, 2020, and provides the same maximum credit to all Oregonians who are saving for college, community college, trade school, or any other post-secondary education through the Oregon College Savings Plan.

Tax year 2019 is the last year the contributions will qualify for a deduction. However, contributions made in 2019 and prior can still be carried forward up to four years.
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