The kicker tax rebate that will be sent to Oregon residents will get will be the largest one yet, amounting to an average of $980 per resident.
Average of $980 of Direct Payment to be sent to Oregon Residents. (Photo: Marca)
According to Oregon Live, the rebate to be sent to Oregon residents, which amounts to $5.6 billion, is more than three times larger than the previous record for the largest rebate.
During the spring the amount will be sent to Oregon residents and they will receive their money. Most economists were shocked by the sizable sum because they had grossly underestimated Oregon’s economic recovery following the pandemic, according to the outlet.
The Oregon surplus credit, also referred to as the “kicker,” is used to reimburse taxpayers for any excess tax revenue. According to the Oregon government website, it is only accessible during odd-numbered years.
The “2% kicker” law, so named because taxpayers had to receive a rebate if revenue exceeded 2% of the projected amount, was enacted by the Oregon legislature in 1979.
On a personal income tax, composite, or fiduciary return for the relevant year, the kicker may be deducted.
The option for taxpayers to donate their kicker to public education is also available. To donate money to the Oregon State School Fund for K–12 public education, they can check the appropriate box on their tax return. The total cannot be refunded; it must be donated.
READ ALSO: Lucky Lottery Ticket Lands Illinois Resident A Windfall Of Over $270,000
