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Oregon Personal Income Tax "Kicker" Repeal Initiative (2012)
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Text of measure
The official ballot title is:[1]
Result of "Yes" Vote: "Yes" vote eliminates personal income tax "kicker" refund for taxpayers with adjusted gross income in top one percent; retains that revenue in state General Fund.
Result of "No" Vote: "No" vote retains existing personal income tax "kicker" refund for all individual taxpayers when income tax revenue exceeds estimated collections by two percent or more.
Summary: Amends constitution. Before each biennium, the governor must prepare an estimate of revenues expected to be received by the General Fund for the next biennium. The General Fund is the primary funding source for schools, prisons, social services, other state-funded programs/services. Current law requires an automatic "kicker" refund of personal income tax revenue when that revenue exceeds estimated collections by two percent or more. Measure eliminates the personal income tax "kicker" refund for individual income taxpayers whose adjusted gross income is in the top one percent of all Oregon personal income taxpayers; retains that money in General Fund and does not refund it to remaining individual personal income taxpayers. Measure does not change the corporate income and excise tax "kicker" refund provisions. Other provisions.
Path to the ballot
- See also: Oregon signature requirements
In order to qualify for the ballot, supporters are required to collect a minimum of 116,283 valid signatures by July 6, 2012.
See also
References
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