Oregon Officials Finalize Kicker Tax Refunds
Oregonians are getting a major tax break this year, thanks to the state’s unique kicker law.
State revenue officials confirmed Tuesday that because economic forecasts underestimated the amount of revenue coming in, there’s a surplus owed back to taxpayers: $402 million.
Bob Estabrook with the state Revenue Department said if you’re an Oregon taxpayer and want to know what you’re getting, you should start by looking up your tax liability for 2014.
“Individual taxpayers can certainly look at their 2014 return that was filed — identify what that tax liability was before they considered any credits, and it’s going to be 5.6 percent of that amount,” said Estabrook.
“It’s important to remember it’s not based on income or deductions or anything like that for your 2015 return, even though that’s where the credit will be applied,” he said.
But not everyone will be able to apply all of that against their 2015 taxes. If you owe back taxes, or have other outstanding debts, the Revenue Department may divert kicker funds to pay those.
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