Initial Plans for Film Tax Credit Auction Announced
As we get closer to the OPIF tax credit auction, new information on the Film Tax Credit Auction is available. Below is the most current details on how this auction will proceed:
The total amount of tax credits that will be auctioned is $6million
·Auction to begin (via a website) on July 9, 2012 at 9:00am. The bidder can bid to purchase a film tax credit at a rate no lower than 95%. The example being you would bid $950 for a $1,000 tax credit.
·The auction will continue until July 16 (*** WAS JULY 18***), 2012 at 5:00 pm
·The taxpayer must submit an on-line bid through DOR’s website (to be supplied later). Multiple bids may be submitted.
·The bid is not valid until payment is received. DOR must receive payment from the bidder no later than July 20 at 5:00PM and payment must be in the form of bankable funds (cashier check, money order, etc.). The bidder may deliver payment to any DOR field offices listed below: (NEW INFORMATION)
Bend: 951 SW Simpson Ave. Suite 100 Bend, OR 97702
Coos Bay: 1155 S 5th Street Suite A Coos Bay, OR 97420
Eugene: 1600 Valley River Drive Suite 310 Eugene, OR 97401
Gresham: 1550 NW Eastman Parkway, Suite 220 Gresham, OR 97030
Medford 3613 Aviation Way, Suite 102 Medford, OR 97504
Newport 119 4th St. NE #4 Newport OR 97365
Pendleton 700 SE Emigrant, Suite 310 Pendleton OR 97801
Portland 800 NE Oregon St, Suite 505 Portland, OR 97232
·If DOR receives more bids than certificates available ($6million for 2012), the credit certificates will go to the highest bidders. In the case of a tie, the certificates will go to the person whose bid was received first.
·The Film Office will notify the successful bidders and issue tax credit certificates in a timely fashion.
·DOR will notify any unsuccessful bidders and return their bankable funds.
You will be allowed to bid in $500 increments for the tax credit. The only cap on the amount you may bid for though is the total annual allotment of tax credits which is currently $6million.
One important change to the credit this year is that the legislature has eliminated the ability to transfer or “sell” this credit.The taxpayer will still be able to carry forward any unused credit for three years, but you may no longer sell it to another taxpayer.All other aspects of this credit are the same as previous years.On a positive note, many of you will not need to show up at our office early in the morning on July 1 to make sure you can purchase a credit!
As more information becomes available we will send out another email.If you want to call with any questions about the process please feel free to call me at (503) 229-5832.We are working hard with the Department of Revenue to make sure this auction is as simple and effective as possible.As we receive feedback about the process, we will work to clear up any confusion regarding the auction.
Vince Porter
Executive Director
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