Despite an economic recession brought on by a global pandemic, Oregon state revenues are higher than expected, thanks in part to unprecedented federal aid, and it could lead to a kicker on 2021 taxes.
Oregon taxpayers may be getting big refund thanks to 'kicker' tax credit
SALEM, Ore. — Oregonians who have already filed their taxes in 2020 may have discovered a big financial bonus because of this year's kicker tax credit.
State economists have been talking about the credit since last year. But now, taxpayers are finally starting to see the impact on their tax refund this year.
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Oregon tax collections exceed forecasts, triggering $686M 'kicker' refund for 2020
Personal and corporate income tax collections were higher than forecast as job growth remained strong in Oregon, state economists said on Wednesday.
All industries are expected to grow this year and next, with construction, professional and business services and leisure-hospitality leading the way, state economists said Wednesday. Construction jobs grew by 9 percent in the 2018 fiscal year and were expected to grow another 4 percent in FY 2019.