‘Stunning’ economic forecast shows $1.4B Oregon kicker

Oregon

Average Oregonian will get $636 in kicker to be applied to 2021 taxes

PORTLAND, Ore. (KOIN) — In what Oregon lawmakers called a “stunning” economic forecast, the state is now expecting a tax kicker rebate of $1.4 billion.

The revenue for Oregon’s general fund was revised downward by $2 billion last year when the pandemic hit. But unprecedented federal aid along with strong household finances buoyed a much stronger economic forecast than expected.

The average Oregonian making $67,000 a year should expect a kicker around $636. Final kicker numbers will be certified this summer after the accounting books are closed.

Taxpayers should expect their kicker as a credit against their 2021 taxes when they file next year.

“There are taxpayers, hard-working people — if they qualify for a rebate, [they] should get it,” said Portland resident Michael Rice, who also believes some of the money should go to Oregonians who are most in need. “I would also like to think that the state could use some of this money for other important needs: housing, childcare, social benefits,” he said.

Another local, Tholanda Newborn, said news of the kicker “sounds exciting.”

“I just hope that those who are blessed to have a little bit of the kicker do well with it and do good with it,” Newborn said.

‘Tremendous possibilities’

Gov. Kate Brown said the “solid state revenues” allows the state to take care of a number of items to help Oregon recover from the pandemic.

Oregon Economic and Revenue Forecast
May 2021 Economic and Revenue Forecast

“Our anticipated state revenues will allow us to fully fund our state agency base budgets; make investments prioritized by the Racial Justice Council; move forward with a $9.3 billion school budget; fully fund the Student Success Act; and ensure no one is kicked off the Oregon Health Plan, among other things,” Brown said in a statement. “These investments will help Oregonians recover from the COVID-19 pandemic and move Oregon toward a future where equity is realized and all are equal.”

She called on the legislature to pass a budget “that reflects these investments — a budget Oregon can be proud of and that will continue moving us forward — while at the same time reserving additional General Fund dollars.”

That will allow the state to set up “tremendous possibilities to help Oregon’s families and businesses continue to recover,” the governor said.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Twitter News Widget

Trending Stories