The 2012 OPIF Tax Credit Auction is currently underway. Below you will find the link to the DOR tax credit auction website as well as some other important procedural information.
• Auction begins (via a website: http://www.oregon.gov/dor/PERTAX/Pages/credit-auction-info.aspx) on July 9, 2012 at 9:00am.
• The total amount of tax credits that will be auctioned is $6million
• A bidder can bid to purchase film tax credits in $500 increments. The bid amount must be at least $475 per $500 certificate. (The example being you could bid $950 for $1,000 in tax credits.)
• The auction will continue until July 17 (*** WAS JULY 16 ***), 2012 at 5:00 pm
• The taxpayer must submit an on-line bid through DOR’s website (http://www.oregon.gov/dor/PERTAX/Pages/credit-auction-info.aspx). 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, or certified check.).
• The bidder may deliver payment to any of the DOR field offices listed below:
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. One tax credit certificate will be issued to each winning bidder for each winning bid amount.
• 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 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 contributor’s ability to transfer or “sell” this credit. The taxpayer will still be able to carry forward any unused credit for three years, but may no longer sell it to another taxpayer. All other aspects of this credit are the same as previous years. On a positive note, you will not need to show up at our office early in the morning on July 1 (as many of you have in the past) to make sure you can purchase a credit!
If you would like more information on the OPIF tax credits or the auction process, please feel free to call Vince Porter 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.