Support Oregon film and television production and save taxes with the Oregon Production Investment Fund (OPIF).
$10 million of Oregon Credits are up for auction from July 8, 2015 to July 17, 2015.
Does your business qualify? The ideal bidder will have the following:
- A 2015 Oregon Tax Liability. Unused credits will carry over for 3 years.
- Your income is from Oregon exclusively (multi-state income may impact ability to receive credit for double taxed income)
- You are subject to the Alternative Minimum Tax (turns a non-deductible state tax into a deductible charitable contribution)
- You are making Estimated Tax Payments
Assuming a successful bid of $10,000 for $10,000 in credits, there is potential tax savings of $3,458 (assuming a 35% regular tax rate. Discuss with your tax advisor your specific tax savings. For more information, visit http://oregonfilm.org).
Aldrich will work with you to determine the appropriate amount of credits to bid on, discuss your specific bidding plan and complete Form TCA. Upon your approval, Aldrich will submit your bid online. A payment (cashier’s check) and signed Form TCA is then required. Aldrich will deliver the payment and Form TCA to the Oregon Department of Revenue. The final step is to wait for acceptance or rejection of the bid. If rejected, payment will be returned to you.
Our team of advisors can assist you with this OPIF tax credit opportunity.
Facts about the OPIF Auction:
- 2015 is a blind auction – credits are sold in $500 increments
Minimum bid is $475 for $500 in credit – multiple bids are allowed
- Credits issues to highest bidders first (ties will go to bidder who submitted bid first)
- Payment must be made in the form of a cashier’s check, certified check or money order
- Form TCA needs to be completed and received with payment by July 24, 2015