A personal income kicker of $1.4 billion is projected, triggered because revenues for this biennium have surpassed forecasts by more than 2 percent. The median kicker, for people with incomes between $35,000 and $36,000, is expected to be $338.
The kicker is returned as a credit in 2020 for those filing their 2019 taxes.
What is a 'kicker' and how will it affect you?
Oregon taxpayers are projected to receive a larger-than-expected kicker refund when they file their income taxes next year, but state economists continued their warnings that an economic downturn is expected in the near future.
State economist Mark McMullen told lawmakers Wednesday morning there is a "strong consensus" among economic forecasters nationwide that the United States should expect to see a slowdown in the coming years.
Personal and corporate income tax collections were higher than forecast and Oregonians are expected to benefit from the biggest kicker, or tax refund, in more than a decade.
State economists presented their revenue and economic outlooks at a Capitol hearing room on Wednesday, saying all industries are expected to grow in Oregon this year and next, with construction, professional and business services and leisure-hospitality leading the way.
State economists announced Wednesday that increasing state revenues likely will trigger Oregon’s “kicker” tax refund for the 2017-19 biennium. But what exactly does that mean? Here are some answers:
Continued strong economic growth in Oregon means individuals could get a total of $555 million in personal income tax refunds in two years.
Oregon’s quarterly revenue forecast shows the state’s economy is growing faster than expected, leading to a projected increase in tax revenues, state economist Mark McMullen told legislators Wednesday.