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Still time to buy tax credits
11/2/2011
ODOE masthead
 
 
 
 
 
 
 

MEETING NOTICE
FOR IMMEDIATE RELEASE
 
 
11-74
Contacts:
Diana Enright, ODOE, 503-378-8278
Rosemary Almond, DOR, 503-945-8559
In Oregon 1-800-221-8035
 
SALEM — Through Friday, the Oregon Department of Revenue is offering a way to reduce your 2011 income tax obligation. As part of the legislative changes to the Business Energy Tax Credit program, the Oregon Department of Energy and the Oregon Department of Revenue are conducting an online tax credit auction. Funds from the auction will be used to provide grants to renewable energy projects.   
 
The Department of Revenue auction consists of 1,500 tax credit certificates, each worth $1,000. The certificate gives the winning bidder a $1,000 tax credit on their 2011 tax return. Minimum bid is $950 per certificate. Online bidding for the tax credits began Oct. 24 and ends at 5 p.m. on Friday, Nov. 4.
 
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: http://www.oregon.gov/DOR/PERTAX/credit-auction-info.shtml
 
HB 3672 (2011) 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.
 
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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