Form 150-101-240 (OR-CROP) Crop Donation Tax Credit - Oregon

What Is Form 150-101-240 (OR-CROP)?

This is a legal form that was released by the Oregon Department of Revenue - a government authority operating within Oregon. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 150-101-240?
A: Form 150-101-240 is the Crop Donation Tax Credit form for the state of Oregon.

Q: What is the Crop Donation Tax Credit?
A: The Crop Donation Tax Credit is a tax credit available in Oregon for farmers who donate crops to eligible charitable organizations.

Q: Who is eligible for the Crop Donation Tax Credit?
A: Farmers in Oregon who donate crops to eligible charitable organizations are eligible for the Crop Donation Tax Credit.

Q: How does the Crop Donation Tax Credit work?
A: Farmers can claim a credit on their Oregon state tax return for the value of the crops they donate.

Q: Are there any deadlines for filing Form 150-101-240?
A: Yes, the form must be filed by April 15 following the calendar year in which the donation was made.

Q: What documentation do I need to include with Form 150-101-240?
A: Farmers need to include a copy of the donation receipt and any other supporting documentation with the form.

Q: Can I carry forward any unused credit?
A: No, the Crop Donation Tax Credit cannot be carried forward to future tax years.

Q: How much credit can I claim?
A: The credit is equal to 15% of the value of the crops donated, up to a maximum credit of $5,000 per tax year.

Q: Can the credit be refunded if it exceeds my tax liability?
A: No, the credit can only be used to offset your Oregon state tax liability and cannot be refunded if it exceeds the tax liability.