Strong Oregon economy triggers taxpayer ‘kicker’ refund

SALEM, Ore. (AP) – Oregon residents can expect an extra tax credit next year, thanks to a strong economy that’s left the state bringing in more earnings than economists anticipated.

That’s according to the state’s Economic and Revenue Forecast, released on Wednesday. The report says Oregon will see $20.6 billion in revenues by the end of June. The surplus exceeds officials’ expectations by $147 million and triggers a $748 million taxpayer refund under the state’s so called “kicker law.”

But Oregon’s large economy means individuals will see a smaller share of that refund – which comes in the form of a personal income tax credit – than in years past.

Officials say Oregon has financially benefited from higher wages, a large workforce and a strong U.S. economy. Lawmakers will use the revenue forecast to write a budget.

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SALEM, Ore. – House Republican Leader Carl Wilson (R-Grants Pass) issued the following statement following the release of the quarterly economic and revenue forecast:

Today’s revenue forecast reaffirms Democrats have an excess of revenue at their disposal. Tax dollars continue flowing into our state coffers at unprecedented rates, yet the Governor and Democrats in the Legislature seem determined to keep the constitutionally designated kicker dollars from returning to Oregon taxpayers.

We believe Oregon taxpayers deserve to see their hard-earned dollars returned to them. The $748 million due to taxpayers under the kicker formula is real money in their pockets. That’s nearly three quarters of a billion dollars, but you can expect Democrat shenanigans to peel off as much of the kicker as they can.