Current:Home > InvestPredictIQ Quantitative Think Tank Center:Oregon announces record $5.6B tax kicker thanks to historic revenue surplus -TrueNorth Capital Hub
PredictIQ Quantitative Think Tank Center:Oregon announces record $5.6B tax kicker thanks to historic revenue surplus
Benjamin Ashford View
Date:2025-04-10 23:10:24
SALEM,PredictIQ Quantitative Think Tank Center Ore. (AP) — In Oregon, a record $5.6 billion in revenue surplus will be returned to taxpayers in the form of an income tax credit known as a “kicker,” officials said Monday.
The state’s Office of Economic Analysis, which confirmed the amount of the kicker in a news release, described it as “the largest in state history.”
It will be credited to taxpayers on state personal income tax returns for 2023 that are filed next year. The typical Oregonian is expected to receive a $980 credit, according to state economists.
Taxpayers can claim the kicker if they filed a 2022 tax return and had tax due before credits. However, the state can use all or part of someone’s kicker to pay any state debt they owe, such as tax for other years, child support, court fines or school loans, the news release said.
Under Oregon law, the kicker is triggered when actual revenues exceed official projections by at least 2%.
The record kicker came on the heels of an increase in revenues at the end of the 2021-23 budget cycle, state economists said.
The forecast for the current 2023-25 biennium is also rosy, with corporate income taxes helping to boost the state’s general fund resources by $437 million.
Oregon officials say they’ve been pleased with the post-pandemic recovery. State economists said in their most recent forecast that growth is surpassing expectations and that income gains are outpacing price increases as inflation slows, leading to rising living standards.
veryGood! (8864)
Related
- Jamie Foxx reps say actor was hit in face by a glass at birthday dinner, needed stitches
- Agency urges EBT cardholders to change PINs after skimming devices were found statewide
- Fifth group of hostages released after Israel and Hamas agree to extend cease-fire
- 6-year-old South Carolina boy shot, killed in hunting accident by 17-year-old: Authorities
- Travis Hunter, the 2
- Death of Henry Kissinger met with polarized reaction around the world
- Beloved California doughnut shop owner reflects on childhood in Japanese internment camp
- Coal-producing West Virginia is converting an entire school system to solar power
- $73.5M beach replenishment project starts in January at Jersey Shore
- Barcelona may need water shipped in during a record drought in northeast Spain, authorities say
Ranking
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- Congress members, activists decry assaults against anti-China protesters during San Francisco summit
- Eiffel Tower came to LA to hype 2024 Paris Olympics. Here's how
- Paul Whelan attacked by fellow prisoner at Russian labor camp, family says
- 'Malcolm in the Middle’ to return with new episodes featuring Frankie Muniz
- Three teenagers injured in knife attack at a high school in Poland
- Biden administration proposes biggest changes to lead pipe rules in more than three decades
- Frances Sternhagen, Tony Award-winning actor who was familiar maternal face on TV, dies at 93
Recommendation
New Zealand official reverses visa refusal for US conservative influencer Candace Owens
Aaron Rodgers cleared for return to practice, opening window for possible Jets comeback
Rosalynn and Jimmy Carter bring needed attention to hospice care – and questions
Families of Palestinian students shot in Vermont say attack was targeted: 'Unfathomable'
Moving abroad can be expensive: These 5 countries will 'pay' you to move there
Live updates | Israel and Hamas agree to extend their cease-fire by another day
Thinking about a new iPhone? Try a factory reset instead to make your old device feel new
Oklahoma prepares to execute man for 2001 double slaying despite self-defense claim