By Jonathan J. Cooper Associated Press
PORTLAND, Ore. — A swelling state treasury is on the verge of triggering “kicker” rebates for Oregon taxpayers.
For the third time this year, economists on Wednesday revised their revenue forecast upward, leaving it just $27 million shy of the kicker threshold. That means even a small improvement over expected employment and wages could send at least $290 million in rebates to individual taxpayers.
Under a tax law unique to Oregon, if personal income tax collections exceed expectations during a two-year budget cycle by at least 2 percent, the extra money is kicked back to taxpayers.
Corporate income tax collections are expected to hit the 2 percent threshold, but excess corporate revenue is earmarked for schools.