States are increasingly turning to tax credit auctions to raise funds for various projects. Maryland, for example, was one of the first states to use auctions as a way to fund its program for in-state startup companies.
In addition, Oregon has taken the same approach to encouraging renewable energy development projects in the state. In October 2011, the Department of Revenue conducted its first auction to fund grants for renewable energy projects. A second auction was conducted in December of that year.
Approximately 30 percent of the tax credits up for auction were sold, notes a 2012 Renewable Energy Development Grant Auction report.
Despite the low percentage of tax credits sold during the auctions, Oregon is trying again. In fact, yet another tax credit auction ended just last month. Taxpayers who purchased a credit during the latest auction have until September 11 to submit payment in order for their bids to be valid.
In addition, Oregon recently enacted legislation that provides an income tax credit for contributions made to the Alternative Fuel Vehicle Revolving Fund, reports to a Bloomberg BNA Weekly State Tax Reportarticle. The credit is available for taxpayers that make certified alternative fuel vehicle contributions to the fund during tax years beginning on or after Jan. 1, 2013, but prior to Jan. 1, 2015
Like the other tax credits auctions, the Department of Revenue will hold an auction for these new tax credits as well. Proceeds from the auction will go towards the Alternative Fuel Vehicle Revolving Fund loan program, which permits public bodies and tribes to borrow money to purchase alternative fuel vehicles and convert existing vehicles that use gasoline or diesel to alternative fuel vehicles.
For more information about tax incentives, check out Bloomberg BNA’s Credits and Incentives Portfolios.
In other developments . . .
Oregon recently enacted legislation amending provisions addressing the appropriation of money and limiting expenditures, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
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