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Online tax credit auction starts Oct. 24
10/12/2011
ODOE masthead
 
 
 
 
 
 
 

FOR IMMEDIATE RELEASE
 
 
11-68
Contacts:
Diana Enright, ODOE, 503-378-8278
Rosemary Almond, DOR, 503-945-8559
Toll Free for ODOE, 1-800-221-8035
 
 
SALEM — As part of the legislative changes to the Business Energy Tax Credit program, the Oregon Department of Energy is working with the Oregon Department of Revenue on a tax credit auction. House Bill 3672 directed ODOE to offer grants for renewable energy projects, with the grant monies coming from the proceeds of a DOR tax credit auction. Up to $3 million in grant funds can be issued in the 2011-2013 biennium.
 
A total of $1.5 million in credits are available for the current tax year. Another $1.5 million in tax credits will be auctioned after July 1, 2012 because the law capped the available tax credits at $1.5 million for each fiscal year in the biennium.
 
The Department of Revenue plans to auction 1,500 tax credit certificates, each worth $1,000. Each certificate gives the winning bidder a $1,000 tax credit on their 2011 tax return. Online bidding for the tax credits begins at 9 a.m. on Oct. 24 and ends at 5 p.m. on Nov. 4, 2011. Minimum bid is $950 per certificate.
 
Corporations and individuals with Oregon income tax liability may bid on the certificates. A winning bidder can carry any amount not used on their 2011 tax return forward for up to three years. The credits cannot be transferred to anyone else.
 
For more information about the energy tax credit auction, please go to: www.oregon.gov/DOR/PERTAX/credit-auction-info.shtml
 
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About the Department of Energy:
The Oregon Department of Energy provides tax credits, loans, technical assistance and energy information for homes, businesses, manufacturing, farms, ranches, schools and governments.
 

 

Oregon Department of Energy
Main OfficeHermiston Field Office
625 Marion St. NE, Salem, OR 97301-3737
395 E Highland Rd.
Phone: 503-378-4040Hermiston, OR 97838
Toll-free in Oregon: 1-800-221-8035P: 541-567-3840
Fax: 503-373-7806