Is there an Oregon state income tax credit?

Yes. All Oregon residents are eligible to receive a refundable state income tax credit up to $380 for joint filers and up to $190 for single filers on contributions made to an Embark account. Any contribution made prior to filing will help you earn the tax credit. The tax credit provides the same maximum credit amount to anyone living in Oregon who is saving for education after high school, including college, trade school, certificate programs, or any other higher education pathway through Embark. The tax credit is periodically adjusted for inflation, so please check back on our website for the most up-to-date numbers.

Your annual income determines how much you need to contribute to earn the full tax credit. Check out our tax credit calculator to see an estimate of your current tax credit amount based on your income and account contributions.