SALEM, Ore. – Oregon State officials say taxpayers will see some extra money returning to their pockets after a $1.5 billion tax surplus was confirmed by the Office of Economic Analysis, or OEA.
The tax surplus credit, or “kicker,” will be returned to taxpayers through their 2019 state personal income taxes filed in 2020. Checks won’t be issued as they have been in the past.
If you’d like to know how much you could be getting back from state coffers, the Oregon Department of Revenue provided the following formula: “To calculate the amount of your credit, multiply your 2018 tax liability before any credits—line 22 on the 2018 Form OR-40—by 16 percent. This percentage is determined and certified by OEA. Taxpayers who claimed a credit for tax paid to another state will need to subtract the credit amount from their liability before calculating the credit.”
A “What’s My Kicker?” calculator should be available on the department of revenue’s website sometime in January.
Taxpayers should remember the state reserves the right to use your kicker credit to pay any debts you owe to the state.