Oregon to return $5.6B revenue surplus to taxpayers on 2023 returns next year

Date:

spot_img

(The Center Square) – More than $5.61 billion will be returned to Oregon taxpayers for the 2023 tax year, the Oregon Office of Economic Analysis announced in a press release this week.

The revenue surplus triggered a tax surplus credit, or “kicker.” It is the largest surplus in state history.

The state will return the surplus as a credit on 2023 state personal income tax returns filed in 2024. It calculated the credit based on people’s tax liability for the 2022 tax year.

Those who have not yet filed a 2022 tax return are advised to file one as soon as possible to receive the kicker credit when they file their 2023 tax return, according to the release.

“To calculate the amount of their credit, taxpayers can multiply their 2022 tax liability before any credits — line 22 on the 2022 Form OR-40 — by 44.28 percent,” the release explains. “This percentage is determined and certified by OEA. Taxpayers who claimed a credit for tax paid to another state would need to subtract the credit amount from their liability before calculating the credit.”

People can also calculate how much they will receive using the What’s My Kicker? Calculator on Revenue Online. To do it, they must enter their name, Social Security Number, and filing status for 2022 and 2023.

Taxpayers can claim the kicker even if they filed a 2022 tax return and had tax due before credits. Additionally, taxpayers without a filing obligation for 2023 must file a 2023 tax return to claim their credit.

“The 2023 Oregon personal income tax return instructions will include detailed information on how to claim the credit on Form OR-40 for full-year Oregon residents, Form OR-40-P for part-year residents, and Form OR-40-N for nonresidents,” the release explains. “Composite and fiduciary-income tax return filers are also eligible.”

The state may garnish part or all of the kicker for people who owe back taxes, child support, court fines or school loans.

More information on the Oregon surplus kicker credit is available here.

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

spot_img
spot_img

Subscribe

Share post:

Popular

More like this
Related

W.E.B. Du Bois was born on this day in 1868

Born on February 23, 1868, in Great Barrington, Massachusetts,...

Wisconsin Ethics Commission asks for investigation into Vos opponent

(The Center Square) – Ethics investigators in Wisconsin are...

WA Supreme Court asked to review Spokane homeless camping-ban initiative

(The Center Square) – Two homeless services advocates have...

Pennsylvania state court rules against union in worker dispute

(The Center Square) – A Pennsylvania state worker’s discrimination...