OREGON – Monday is tax day across the U.S. and Oregonians are getting a record shattering $5.61 billion when they file their state taxes. Its because of the state’s oddball kicker rule.
The law states that if revenue over a two year period is at least 2% above what state economists predicted at the start of the budget cycle, the surplus must be sent to taxpayers.
In this case, 2021-2023 revenue came in at 44.28% above projections. To calculate the amount of the credit, just multiply the 2022 tax liability before any credits by 44.28%. Or access the state of Oregon’s ‘What’s my kicker’ calculator.
Kickers will come in the form of tax credits, so taxpayers will either see the kicker included in their refund or it will reduce the amount owed.
The state legislature changed the distribution method to a tax credit in 2021.
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