The Oregon tax kicker: $402M


The amount of the rebate for individuals depends on his/her 2014 state tax bill.

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BY JACOB PALMER | DIGITAL NEWS EDITOR

Oregonians will receive a “kicker” tax rebate for the first time since the recession.

The total amount: $402 million.

The amount of the rebate for individuals depends on his/her 2014 state tax bill. The average refund will be $244, but the median is $124, according to the Oregonian.

Oregon’s resurgent economy, driven by strong in-migration and booming job growth, propelled income tax revenues 3 percent above what economists had predicted in 2013, the report says.

Under Oregon’s kicker law, any surplus must be returned to voters if revenues exceed 2 percent of economists’ prediction at the start of the two-year budget cycle. In 2013, economists predicted total income tax revenue of $13.6 billion. According to the report, actual revenues came in at $14 billion when the 2015 fiscal year ended June 30.

The final kicker is less than what economists previously thought, after collections slowed in the final weeks of the 2015 fiscal year. The May forecast had predicted a $473 million kicker with a median payout of $144.

(SOURCE: OregonLive.com)

The money will be distributed as a tax credit next year.

 


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