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NOTICE
November 7, 2022
Oregon Higher Education Coordinating Commission
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College Opportunity Grant Tax Credit Auction on December 5-9 to Benefit Need-Based Financial Aid
Salem, OR – The Higher Education Coordinating Commission (HECC) is pleased to announce that the College Opportunity Grant Tax Credit Auction for tax year 2022 will run on December 5-9, 2022. The auction gives Oregon taxpayers the opportunity to benefit from state tax credits while supporting a state financial aid program for Oregon students.
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WHO: Individuals and businesses with an Oregon income tax liability may bid on certificates, and winning bidders may claim the credits on their 2022 Oregon income tax returns. The Auction is administered by the Oregon Department of Revenue (DOR). The contributions will go to the Oregon Opportunity Grant (OOG) fund, which is administered by the HECC Office of Student Access and Completion. Interested parties should subscribe here for future notices to the College Opportunity Grant Tax Credit Auction email list.
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WHAT: The College Opportunity Grant Tax Credit is a week-long online event. The Oregon Legislature passed legislation in 2018 creating a tax credit auction for contributions to the state-administered OOG fund. The State is authorized to issue up to $14 million worth of tax credits per year.
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WHEN: The online auction opens December 5, 2022. The bidding begins at 9 a.m. Pacific Standard Time (PST) December 5, 2022 and ends at 5 p.m. (PST) December 9, 2022.
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WHERE/HOW: Instructions on bidding are made available on the Oregon Department of Revenue (DOR) Tax Credit Auction webpage. The bids must be made online on the Oregon DOR website according to the DOR instructions. This is not a physical auction event. The credit certificates will be in $500 increments and the minimum bid amount is $450.
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WHY: Individuals and businesses with an Oregon income tax liability may bid on certificates and claim the credits on 2022 state tax returns. Any amount not allowed on a 2022 return can be carried forward up to three years. The contributions will increase funding for the Oregon Opportunity Grant, the state’s longstanding need-based grant program for postsecondary education. The OOG is critical to supporting college affordability for more than 30,000 students a year, but state funding for the OOG has 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.
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Our Vision:
The State of Oregon's Higher Education Coordinating Commission (HECC) envisions a future in which all Oregonians—and especially those whom our systems have underserved and marginalized—benefit from the transformational power of high-quality postsecondary education and training.
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