The auction takes place from Monday, September 28 at 9a to Friday, October 2 at 5p.
$14M of Oregon state tax credits will be auctioned off with a 90% minimum bid.
The Oregon Production Investment Fund (OPIF) is a state incentive program that directly supports the continued growth of Oregon’s creative film, television and interactive industry. OPIF is funded by the sale of discounted Oregon income tax credits to taxpayers who contribute to the fund. Residents and businesses bid at auction to purchase state tax credits at up a 10% discount that can then be used for up to three years on their state income taxes.
Each year Oregon Film conducts an online auction of $14million in tax credits where $500 tax credit increments can be bid on for purchase for as little as $450, or 90%. Bidders can bid on as many increments as they like, but it is an auction, so the highest bid will win when there are more bids than available credits.
This means you can bid on a $50,000 tax credit (100 x $500 increments) for as little as $45,000; a savings of $5,000 and a direction of your tax dollars straight towards the development of an Oregon creative industry. These credits are then usable by the purchaser during the next three tax years.
Support of this program helps create jobs, economic activity and promotion for Oregon. During the last biennium alone this program tracked more than $300M of in-state spending supporting more than 5000 local jobs while projects like “First Cow,” “Shrill” (Hulu), “Trinkets” (Netflix), “Documentary Now!” (IFC) and “Pretty Little Liars: The Perfectionists” (WB) helped promote Oregon as a creative destination to a worldwide audience.
This work is felt throughout the state. In the past two years alone large-scale production work has spent money and time in places Klamath Falls, Astoria, Elkton, Bandon, Bend and Vernonia.
These credits can be used by individual tax payers and business tax payers alike, and are intended to be used on their Oregon state tax returns. Also, the IRS recently clarified the ways in which the purchase of these credits by businesses may be deducted as a business expense.
You can find out more about this program on our site both by going here and here.
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Thank you for your support.