Background: College Opportunity Grant Tax Credit Auction, 2019 tax year
A second College Opportunity Grant Tax Credit auction for the 2019 tax year will take place on February 10-12, 2020. The College Opportunity Grant Tax Credit auction for 2019 was also previously conducted on December 2-6, 2019.
PLEASE NOTE: The minimum bid amount for each certificate for the 2019 tax credit auction has been reduced from the prior year minimum to $450 per certificate.
In 2018, the Oregon Legislature passed Senate Bill 1528 creating a tax credit auction for contributions to the state-administered Oregon Opportunity Grant fund, modeled after the Oregon Film and Video Office auction. The contributions will support need-based financial aid awarded to Oregon college and university students to support college affordability and success.
Individuals and businesses with an Oregon income tax liability may bid on certificates and claim the credits on 2019 tax returns. Oregon residents may receive a state tax credit that can be used for up to three years on their personal income taxes.
The College Opportunity Grant Tax Credit program is authorized to issue up to $14 million worth of tax credits per year. There will be $1.49 million in tax credit certificates available for the February auction. The Auction is administered by the Oregon Department of Revenue.
What is the Oregon Opportunity Grant (OOG)?
The Oregon Opportunity Grant
(OOG) is the state’s longstanding need-based grant program for postsecondary education. The OOG is critical to supporting college affordability for approximately 35,000-40,000 students a year, but state funding for the OOG has for years been insufficient to support the college costs of all eligible students. The contributions from the auction will be used to increase the number of grants to eligible low and middle-income students, increase the value of the per-student award, or a combination of both options.
2019 Tax Year, February 2020 Auction Details
Instructions will be available on the Department of Revenue Tax credit auctio website here on how to bid online for the College Opportunity Grant Tax Credit auction to be held on February 10-12, 2020.
No bids will be accepted before or after the designated times.
Bidders must submit payment along with the Tax Credit Auction Form (Form OR-TCA) by Friday of the week following the close of the auction. Further directions are on the DOR website.
There will be $1.49 million in tax credit certificates available for the February auction. The credit certificates will be in $500 increments and the minimum bid will be $450.
Bidders should consult their tax advisor if they have questions about the tax treatment of purchased state tax credits.