DISCOUNT YOUR TAXES AND DIRECT YOUR DOLLARS TO JOBS AND #OREGONMADE PROJECTS.
The OPIF Tax Credits can be bid on, purchased and 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.
Each year Oregon Film conducts an online auction of $14 million 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.
You can sign up for the Tax Auction newsletter by following this link.
The annual OPIF Tax Credit Auction helps support the economic development work we do with the media production industry here in the state.
Important procedural points to note for these auctions:
The OPIF online auction will begin at 9am on Monday September 30 and run for 5 days until 5pm on October 4, 2019.
No bids will be accepted before or after the designated times.
Bidders must submit payment along with Form TCA by Friday of the week following the close of the auction. This would mean a certified check and TCA form need to be sent to the Oregon Department of Revenue by the Friday, October 11 – further details of how to do this can be found on the OPIF Tax Credit Auction site but the auction site will not become “active” until 9a on Sept. 30.