Oregon’s Department of Revenue Services is in the midst of its second tax credit auction of the year, after its initial auction drew fewer bids than expected.
Individuals and businesses had until 5 pm on December 9, 2011 to submit bids for tax credits that they can apply against their state income tax liability for 2011. Each tax credit is worth $1,000 and the minimum bid is $950. The credits are nontransferable but unused portions can be carried forward for three years.
The first auction, held from October 24 through November 4, attracted only 23 bidders and raised $411,683. The current auction is a second chance for people to bid on the nearly $1.1 million in remaining tax credits.
Lawmakers created the tax credit auction in 2011 to fund a new grant program for renewable energy development projects. Oregon’s Department of Energy will administer the grant program, which is expected to provide grants of up to $250,000 or 35% of an eligible project’s cost.
