A surplus of $5.61 billion in the 2021-2023 budget was the balance reported by the Oregon Department of Revenue. For this reason, state residents will be able to claim an average refund of $980.00 USD in 2024.
State law establishes that, when this happens, the resources must be returned to taxpayers in a refund called “kicker.”
The calculation is carried out by the Office of Economic Analysis of the state Department of Administrative Services and the “kicker” is present in even years.
This is so that state taxpayers can claim it as a credit on their tax returns.
How much money are we talking about?
The Oregon Department of Revenue notes that the average expected refund amount will be $980.00 USD. Therefore, this means that half of the payments could be higher or lower, depending on earning capacity.
For its part, since this “kicker” was delivered, this figure would be the highest. That is, since 2014, residents have received additional credits every two years ranging from $210.00 USD to $990.00 USD.
In fact, this year’s bonus is the largest recorded since Oregon began issuing the credit in 1985. However, there was no budget surplus in 1981 or 1983, so residents did not receive the credit.
But right now, according to the Oregon Department of Revenue, it can be estimated how much money taxpayers will receive. They will do this by multiplying their 2022 state tax liability by 44.28%.
Paid taxes
If they claimed a credit for taxes paid to another state, they must subtract that amount before calculating the incentive.
Additionally, if taxpayers filed a 2022 tax return and had taxes owed before the credits, then they can claim the benefit.
However, there is a very important aspect that must be taken into account. We are talking about the state can use all or part of a person’s money to pay any state debt they have.
This includes taxes from other years, child support, court fines or school loans, according to the press release.
On Oct. 5, 2023, a federal grand jury returned a 23‑count indictment against Ari J. Lauer, 59, of Lafayette, charging him with conspiracy to commit wire and bank fraud, bank fraud, and wire fraud affecting a financial institution, for his role in the biggest criminal fraud scheme in the history of the Eastern District of California, U.S. Attorney Phillip A. Talbert announced.