Stimulus update: Direct payment worth average of $980 to be sent to Oregon residents
Brady Knox
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Oregon residents are set to receive their largest kicker tax rebate yet, worth an average of $980 per resident.
The rebate, totaling $5.6 billion, is over three times larger than the previous record for the largest rebate, according to Oregon Live. Residents will receive their funds in the spring. The hefty amount came to the surprise of most economic analysts, who had greatly underestimated Oregon’s economic rebound after the pandemic, the outlet reported.
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The Oregon surplus credit, more commonly known as the “kicker,” is used to return surplus tax revenue to taxpayers. It is only available in odd-numbered years, according to the Oregon government website.
The Oregon legislature passed the “2% kicker” law in 1979, named due to the requirement that the rebate must be given to taxpayers if revenue exceeds 2% of what had been in the forecast.
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The kicker can be claimed on a personal income tax, composite, or fiduciary return for the year in question.
Taxpayers can also choose to donate their kicker to public education instead. They can check the box on their tax return to donate the funds to the Oregon State School Fund for K-12 public education. The total must be donated, and it cannot be taken back.