Oregon close to triggering income tax rebates
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.
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