In July with the cooperation of Oregon’s Department of Revenue we conducted our first ever auction for the Oregon Production Investment Fund tax credits. By the time the auction was completed we had more bids for the tax credits than what was available. The second stage of the auction required those who submitted a bid to turn in a cashier’s check or money order no later than July 20. Now that DOR has collected all the money, we have determined that there are still credits available.
The second OPIF Tax Credit Auction will begin at 9:00 AM on September 17 and conclude at 5:00 PM on September 19. Below are the important points this time on the auction.
The total amount of tax credits that will be auctioned is $331,000.
• 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 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 September 24th 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 ($331,000), 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.
So if you elected to not participate the first time but find yourself in need of an Oregon state tax credit, consider participating in the September auction. By all accounts the technical glitch that happened on the website for the first auction has been resolved and the website is now fully operational. If for some reason the glitch happens again, we have a back-up plan to receive any interested bids. Should you have any questions, please do feel free to call Vince Porter at (503) 229-5832.