[ODOE_News] Still time to buy tax credits

[Voliva, Cliff]

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FOR IMMEDIATE RELEASE
Nov. 2, 2011
11-74


CONTACTS:
Diana Enright, ODOE, 503-378-8278
Rosemary Almond, DOR, 503-945-8559
Toll Free for ODOE, 1-800-221-8035



Still time to buy tax credits



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 Office



625 Marion Street N.E.
Salem, OR 97301-3737



Phone: 503-378-4040



Toll-free in Oregon: 1-800-221-8035



Fax: 503-373-7806



Website: www.oregon.gov/ENERGY<http://www.oregon.gov/ENERGY>










Cliff Voliva, Public Information & Outreach Coordinator
Communications
Oregon Department of Energy
625 Marion Street NE
Salem, OR 97301-3737
Office: (503) 378-3637
cliff.voliva at state.or.us | www.oregon.gov/energy

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