Looking forward, interest earnings in FY 2024 are expected to be even higher, at nearly $350 million, before dropping after the kicker is paid out during next year’s income tax filing season. The primary reason for larger interest earnings in the new fiscal year is because the balances are...
Oregon has a graduated individual tax which ranges from 4.75%-9.90%. There is no state sales tax in Oregon. The constitution includes a “kicker” that caps tax revenue limits. When the total tax revenue exceeds the limit by more than two percent, the excess must be returned to taxpayers....
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Oregon is one of six states with a revenue limit.[215] The "kicker law" stipulates that when income tax collections exceed state economists' estimates by two percent or more, any excess must be returned to taxpayers.[216] Since the enactment of the law in 1979, refunds have been issued ...
Over the past decade, Oregon has increased its dependence on consumption-based taxes. It was expected that many of these taxes would be boosted during the personal income tax filing season as a result of the large refunds generated by the kicker credit. However, there is little evidence to da...