Two organic polymers containing alternating electron donating triarylamine and electron accepting thiazolo[5,4-d]thiazole (TzTz) moieties have been synthesized and their redox states investigated. When donor and acceptor units are proximal (polymer )1, electron density is delocalized, leading to a small electrical and optical band gap; these are larger with the inclusion of an adjoining alkynyl-phenyl bridge (polymer 2), where electron density is more localized due to the rotation of the monomer units. As a result, 1 and 2 display different optical and fluorescence properties in their neutral states. Upon chemical and electrochemical redox reactions, radicals form in both 1 and 2, yielding magnetic materials that display temperature-independent paramagnetism, attributable to delocalization of radical spins along the polymeric backbones. The ability to convert between diamagnetic and paramagnetic states upon chemical oxidation and/or reduction allows for the materials to display switchable magnetism and fluorescence, imparting multifunctionality to these solid-state purely organic materials.