SALEM, Ore. (AP) — Oregon could send out a massive $1.9 billion “kicker” tax refund next year due to surging income tax receipts.
Oregon Public Broadcasting reports if the projections hold, the refund — which takes the form of credits on 2021 tax returns filed next year — would be Oregon’s largest-ever kicker.
The state’s unique kicker tax law sends money back to taxpayers whenever personal income tax revenues come in at least 2% above initial projections during a two-year budget cycle.
The new projection was delivered to a joint meeting of state senators and representatives Wednesday morning.
In May, economic forecasters had anticipated the state would see a $1.4 billion kicker.
Under the anticipated kicker, the median income taxpayer would receive a $420 credit on this year’s state taxes.