Can I claim the state tax credit for contributions to both an Embark account and an Oregon ABLE Savings Plan account?

Yes. Oregon residents that have contributed to both an Embark account and an Oregon ABLE Savings Plan account can claim the state tax credit for each plan independently. Therefore, a person is eligible for the state income tax credit for their Embark contributions and eligible for a separate tax credit for their contributions to an Oregon ABLE Savings Plan account. You can earn a maximum of $380 for joint filers and $190 for single filers for each instance that you claim the state tax credit. For example, you would earn $760 total ($380 for Embark contributions + $380 for Oregon ABLE Savings Plan contributions) if you file jointly and are eligible for the maximum tax credit. Your annual income determines how much you need to contribute to earn the full tax credit. Keep in mind, any contribution made prior to filing will help you earn the tax credit.