Decision 2024: Both sides talk about Measure 118, which would tax big business to give all Oregonians rebates

(Update: Adding video, comments from supporters and opponents)

BEND, Ore. (KTVZ)-- Many Oregonians have already received their ballots in the mail, and some have already cast their votes. But for those still needing explanations on the statewide election measures, this week will be for you. This week, NewsChannel 21 will break down this year's ballot measures as we approach November 5th, beginning with Measure 118.

You might've seen in your Voter's Pamphlet talk about $1,600. "Don't leave $1,600 on the table," it says or, "Could you use $1,600?" That's how supporters are describing Measure 118 to voters.

Chief Petitioner Antonio Gisbert said Tuesday, "We should all stand up to them and say, 'You've gotten away with paying less than 0.12% taxes forever. Now it's time for giant corporations to start paying their fair share.'"

If passed, Measure 118 would tax businesses 3% for sales above $25 million.

The money from that tax would be divvied up to Oregonians in $1,600 checks beginning in 2026, bringing in an estimated $6.5 billion.

Speaking of the current level of corporate taxes, Gisbert said, "That just feels unfair. And that is why we proposed to balance the playing field a little bit."

Gisbert and other creators of the measure say everyone who has lived in the state for at least 200 days will receive the money.

"With that money, because it goes back to Oregonians who are consumers, that money will get reinvested and spent in our local economies, and they will give a second leg up to local businesses and the local economy," he said.

But much of the opposition to Measure 118 is bipartisan, with legislators on both sides arguing the tax will increase the cost of goods. The critics include Governor Tina Kotek.

Lauren Redman is the CEO of Rudy's Markets Inc. which owns several grocers across the region, including Newport Avenue Market in Bend. She is urging voters to vote no.

"When they say big corporations, it's going to impact every step of the supply chain, and big corporations," Redman said. "$25 million sounds like a lot. That is not profits. That's gross sales. There's a big difference between gross sales and net profit."

We spoke to voters outside of Newport Avenue Market, who all said they plan on voting no on Measure 118.

"I think the idea is good. But I wouldn't be for it. It's probably going to affect small businesses," said Gary Laduke.

According to the state Legislative Revenue Office, Measure 118 could increase prices by 1.3% by 2030, and slow annual growth of wages and employment to less than 1%.

Other companies like Nike, Bi-Mart, Walmart and Home Depot have all shared opposition to the measure.