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OR Measure 118 - Surplus Corporate Tax Rebates

RACE DETAILS

Parents

> United States > Oregon > Measures > 2024 Measures > Measure 118 - Surplus Corporate Tax Rebates

Office

Type

Referendum

Filing Deadline

January 01, 2024 - 04:00pm

Polls Open

November 05, 2024 - 09:00am

Polls Close

November 05, 2024 - 10:00pm

Term Start

November 06, 2024 - 12:00pm

Term End

December 31, 3999 - 12:00pm

Contributor

Mr. Matt

Last Modified

Mr. Matt November 14, 2024 09:15pm

Data Sources

[Link]

Description

Increases highest corporate minimum taxes; distributes revenue to eligible individuals; state replaces reduced federal benefits

Result of 'Yes' Vote: 'Yes' vote increases corporate minimum tax on Oregon sales exceeding $25,000,000; eliminates tax cap; distributes revenue to eligible individuals; state replaces any reduced federal benefits.

Result of 'No' Vote: 'No' vote retains existing corporate minimum taxes on Oregon sales; twelve tax brackets impose different tax amounts, capped at $100,000 tax on sales exceeding $100,000,000.

Current law requires corporations to pay higher of either tax on taxable income or corporate minimum tax. Except S corporations, minimum tax amount determined by tax bracket based on corporation’s Oregon sales; minimum tax capped at $100,000 for $100,000,000 or more in sales. Beginning 2025, measure removes minimum tax cap; increases minimum tax on all corporations with Oregon sales exceeding $25,000,000 by imposing additional tax of 3% for sales above $25,000,000. Measure directs Department of Revenue to equally distribute increased revenue (minus certain costs) to all individuals residing more than 200 days annually in Oregon. Revenue distribution does not affect individual eligibility for state benefits; measure requires replacement of reduced federal benefits if distribution negatively affects individual’s benefits under any need-based program.

[Link]

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