Missed Out on an Opportunity to Buy the Film Tax Credit? – Here’s Another



Last week Jody Wiser put out this information on the Tax Credit Auction that is about to happen through Oregon’s Department of Revenue.  This auction process will be the same process for the Oregon Production Investment Fund next year.  In the mean time check it out and consider the benefits.

BE GREEN

Be good for the earth and good for your pocket book at the same time

Make 3-5% interest in less than 6 months while helping the state support renewable energy efforts in Oregon

$1.5 million in BETC tax credits are up for auction October 24th—November 4th with bidding in increments of $1000.  $950/$1000 is the minimum bid

Auction winners checks will be cashed after November 10th.

This sure beats savings deposit interest!

Details at the Department of Revenue website: http://www.oregon.gov/DOR/PERTAX/credit-auction-info.shtml

 

Oregon Department of Energy

2011 Tax Credit Auction Information and Links

General information
We’re auctioning 1,500 tax credit certificates, worth $1,000 each. 

Each certificate gives the winning bidder(s) a $1,000 tax credit on their 2011 tax return.

Corporations and individuals with Oregon income tax liability may bid on the certificates. If you can’t use all of the tax credit on your 2011 tax return, you may carry the unused amount forward for up to three years. You can’t transfer the credits to another person or business.

Online bidding runs from 9 a.m. Pacific Time (PT) October 24, 2011 to 5 p.m. PT November 4, 2011. We’ll only accept bids during this time.  The minimum bid is $950 per certificate.


How to bid (2 steps)

1. Place your online bid.

  • The earlier you bid the better because if there’s a tie, the earliest bid wins.
  • After you hit the submit button, keep the next page for your records.
  • You may bid as many times as you like; however, you can’t change or revoke your bid after you submit it.

2. After you place your bid:

  • You must submit full payment and Form TCA for each bid.
  • We must receive your payment and Form TCA by 5 p.m. PT, November 10, 2011.
  • Your payment must be a cashier’s check, certified check, or money order.

Submitting your payment

You may either mail your payment and form, or take them to one of our field offices. Whether you mail or hand deliver your bid payment, we must receive it by 5 p.m. PT, November 10, 2011.

To mail, send your form and payment to:

Oregon Department of Revenue
Attn: Tax Credit Auction
PO Box 14600
Salem OR 97309-5049


Your bid is invalid if:

  • You don’t submit an online bid.
  • We don’t receive your Form TCA and payment by the deadline.
  • Your payment isn’t for the full amount.
  • You don’t include Form TCA with your payment, or the form is incomplete.

Winning bids

If you’re a winning bidder, the Oregon Department of Energy will:

  • Issue the tax credit certificate(s) in the name of the person or business on your Form TCA.
  • Send the certificate(s) to the address on the form by certified mail.

Unsuccessful bids

If your bid isn’t a winning bid or is invalid, we’ll return your payment to the address on your Form TCA.

When you buy your money order, cashier’s check, or certified check, make sure you can easily recover your funds if we have to return your check.

You may want to buy a money order from the U.S. Postal Service because USPS money orders can easily be re-issued.


Auction proceeds

The Department of Energy will use auction proceeds to fund grants for renewable energy projects that produce energy. These projects include:

  • biomass
  • solar
  • geothermal
  • hydroelectric
  • wind
  • landfill gas
  • biogas
  • wave, tidal, or ocean thermal energy technology

Questions about the auction?

E-mail us, or call 503-945-8655.

Online auction forms available only during the acution
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