Improving economy could bring rebates for Oregon taxpayers - News - MailTribune.com - Medford, OR

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2014-08-29

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0 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation  |  Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Home News Latest Stories Emergency Services City officials take Ice Bucket Challenge City could foreclose on abandoned houses Gold Hill mayor faces challenger; other races have one candidate each Medford man arrested on suspicion of dealing meth Crime, Courts and Emergency Services Emergency Services Medford man arrested on suspicion of dealing meth Medford man arrested after abandoning stolen vehicle on I-5 Wounded Klamath deputy has ties to Rogue Valley UPDATED: Arrests made in shooting of Klamath County deputy Politics and Elections Gold Hill mayor faces challenger; other races have one candidate each Medford proposes new rules for pawn shops to help nab thieves Lack of incumbents, pot issue draws 10 for Medford council races Council members in Gold Hill dodge voter recall Bill Pullman campaigns for Oregon GMO labeling law Education Medford charter school opens with many changes, including its name Superintendent welcomes staff to a new school year Safe haven: Art program provides a place for youth to express themselves Sacred Heart School gets new principal Medford School District considers gifted land for new school Environment Judge won't block release of water Ashland marchers won't give up on climate change message OR-7 could be recollared next month Deadly deer virus may be spreading Talent earns Bee City USA designation State news Nation - World Obituaries Ted E. 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NW Raw Kelly's Crepes Basil & Berries India Palace Tempo Videos Classifieds Jobs Autos Real Estate FEATURED   » Obituaries TV Listings Movie Listings Oregon Outdoors Oregon Healthy Living Magazines & Special Sections NEWS NOW   UPDATED: Arrests made in shooting of Klamath County deputy       ...       UPDATED: Northbound I-5 reopens after FedEx truck burns       ...       10 things to know for Thursday       ...       UPDATED: Arrests made in shooting of Klamath County deputy       ...       UPDATED: Northbound I-5 reopens after FedEx truck burns       ...       10 things to know for Thursday       ...           Improving economy could bring rebates for Oregon taxpayers PORTLAND — A swelling state treasury is on the verge of triggering "kicker" rebates for Oregon taxpayers, according to state economists' quarterly revenue forecast unveiled Wednesday. MailTribune.com Writer Posted Aug. 27, 2014 @ 1:52 pm Updated Aug 27, 2014 at 1:59 PM Posted Aug. 27, 2014 @ 1:52 pm Updated Aug 27, 2014 at 1:59 PM »  Social News PORTLAND — A swelling state treasury is on the verge of triggering "kicker" rebates for Oregon taxpayers, according to state economists' quarterly revenue forecast unveiled Wednesday. For the third time this year, economists revised their revenue forecast upward, leaving it just $27 million shy of the kicker threshold. That means even a small improvement over expected employment and wages could send at least $290 million in rebates to individual taxpayers. Under a tax law unique to Oregon, if personal income tax collections exceed expectations during a two-year budget cycle by at least 2 percent, the extra money is kicked back to taxpayers. Steady economic improvements have led the state to collect slightly more than projected in both corporate and personal income taxes. Much of the increased revenue came from last year's special legislature session, when lawmakers voted to raise taxes on corporations and wealthy individuals. Because the action came after lawmakers adjourned the regular session, the additional revenue they created counts toward the 2 percent kicker threshold. The forecast projects that corporate income tax collections will exceed the threshold, but voters decided in 2012 that excess corporate revenue should be earmarked for primary and secondary schools. Oregon's kicker law was created as a check on government spending, ensuring the Legislature can't spend money they didn't expect to receive. Critics say it contributes to Oregon's especially volatile budget and prevents the state from saving money during boom years to use when the economy turns south. Legislative leaders from both parties said the steady economic improvements are good news, but they acknowledged that many Oregon residents are still struggling to find work. — Jonathan Cooper, Associated Press MailTribune.com Writer Posted Aug. 27, 2014 @ 1:52 pm Updated Aug 27, 2014 at 1:59 PM » Comment or view comments   Reader Reaction »  STAY INFORMED   Email NewsLetter   Sign Up Today   Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Stay Informed   Email newsletter   Sign Up Today   Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. 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