Oregon taxpayers are set to receive a significant rebate in 2024, thanks to a historic surplus in state revenue. Economists have confirmed that the state’s “kicker” fund for the current tax year has reached a record-shattering $5.61 billion, with individual taxpayers receiving approximately 44% of their 2022 income taxes back.
What is the Oregon Kicker?
The Oregon kicker is a provision that triggers when the state’s biennial revenue exceeds projections by at least 2%. This year, the actual revenue for the 2021-2023 period surpassed initial estimates by 44.28%, activating the kicker law. The result? A $5.61 billion surplus that will be returned to taxpayers when they file their 2023 tax returns.
Breakdown of the Kicker
- Eligibility: All Oregon taxpayers who filed state income taxes in 2022 are eligible for a rebate based on their tax liability.
- How to Calculate Your Kicker: Taxpayers can either use the Department of Revenue’s online “What’s My Kicker?” calculator or manually calculate their rebate by multiplying their 2022 tax liability by 44.28%.
- Who Gets the Most?: Higher-income earners, who paid more in taxes, will receive larger kicker rebates. For example, if you owed $10,000 in taxes for 2022, your rebate will be approximately $4,428.
Why Such a Large Kicker?
The Oregon kicker fund has steadily increased over the past year. Initially forecasted at $3 billion in mid-2022, the surplus grew to $5.5 billion by mid-2023.
The final total of $5.61 billion sets a new record, surpassing the previous high from the 2019-2021 budget cycle, which saw a $1.89 billion kicker.
What You Can Do With Your Rebate
Taxpayers can use their rebate to pay off any outstanding debts owed to the state, such as child support or unpaid taxes. Alternatively, Oregonians can donate their kicker to a charity or the Oregon State School Fund.
Largest Kicker Rebates in Oregon History
| Biennium | Kicker Amount | Percentage of Surplus |
|---|---|---|
| 2021-2023 | $5.61 billion | 44.28% |
| 2019-2021 | $1.89 billion | 15.6% |
| 2005-2007 | $1.1 billion | 18.6% |
Disclaimer
The figures and information presented in this article are based on official reports from the Oregon Department of Revenue. Please consult with a tax professional for personalized advice.
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