What happened to the Oregon kicker?
PORTLAND, Ore. – With a nearly $1.9 billion tax surplus, Oregon taxpayers will be seeing a “kicker” credit on their taxes in the 2021 year. Instead of checks, the state Office of Economic Analysis says the surplus will go back to Oregonians through a credit on their 2021 state personal income taxes filed in 2022.
When was the last Oregon kicker?
The kicker law was overwhelmingly approved by voters in 1980, but the first kicker rebate did not occur until 1985 when the calculated revenue exceeded the forecast revenue by 7.7 percent ($88.7 million). The kicker was triggered again in 1987 (16.6%, $224.2 million) and 1989 (9.8%, $175.2 million).
Is there a 2021 Oregon kicker?
Salem, OR—The Oregon Office of Economic Analysis (OEA) confirmed earlier this month a nearly $1.9 billion tax surplus, triggering a tax surplus credit, or “kicker,” for the 2021 tax year.
How is the Oregon kicker paid?
Instead of getting separate kicker checks, the surplus will materialize as a credit on taxpayers’ 2021 state personal income tax returns when they file in 2022. To calculate the amount of your credit, you can multiply your 2020 tax liability before any credits, which appears on line 22 of form OR-40, by 17.341%.
How much will my 2021 Oregon kicker be?
PORTLAND, Ore. (KOIN) — Oregonians can expect a tax credit on their 2021 state income tax returns from a $1.9 billion tax surplus, or “kicker,” the Oregon Office of Economic Analysis announced Tuesday.
How much will the Oregon kicker be for 2021?
How much will my Oregon kicker be?
How much is Oregon kicker for 2021?
Is the Oregon kicker taxable?
The kicker is not taxable. If you got a 1099-G for OR rebate you could enter it. If you did not itemize in 2019, don’t bother because it will not affect your tax return.
What is Oregon’s kicker law?
But really, Oregon voters overwhelmingly approved the kicker law in 1980 as part of a package that included property tax relief for homeowners and renters. In 2000, the kicker law was enshrined in the state constitution, which means that any change to the law needs voter approval.
Who must report and pay the WBF assessment in Oregon?
Generally, an employer must report and pay the WBF assessment for all people on its payroll that are or legally should be covered by workers´ compensation insurance in Oregon. This includes all employers with workers subject to Oregon’s workers´ compensation laws (ORS Chapter 656).
When will the state announce the status of the kicker?
State economists will officially announce the kicker’s status during a revenue forecast on Aug. 23. The state won’t send out emails or mailers, so you’ll have to check the news. But there’s a catch. Expecting a check from the state? Sorry to burst your bubble, but the state doesn’t issue kicker checks anymore.
What is the Workers’ Benefit Fund (WBF)?
The Workers’ Benefit Fund (WBF) assessment funds return-to-work programs, provides increased benefits over time for workers who are permanently and totally disabled, and gives benefits to families of workers who die from workplace injuries or diseases. In 2021, this assessment is 2.2 cents per hour worked. Employers and employees split the cost.