SALEM, Ore. – Oregon State officials say taxpayers will see some extra money returning to their pockets after a $463 million tax surplus was confirmed by the Office of Economic Analysis (OEA) earlier this month.
The 2016 Tax Surplus Credit, or “kicker,” will be returned to taxpayers through their 2017 state personal income taxes filed in 2018. Checks won’t be issued as they have been in the past.
The Oregon Department of Revenue said in order to calculate the amount you’ll get, you need to do the following:
Multiply your 2016 tax liability before any credits–line 24 on the 2016 Form OR-40–by 6.3 percent. This percentage is determined and certified by OEA. Taxpayers who claimed a credit for tax paid to another state subtract the credit amount from their liability before calculating the credit.
You can also calculate your kicker amount on the Dept. of Revenue’s website when filing season opens in January.
Taxpayers should remember the state reserves the right to use your kicker credit to pay any debts you owe to the state.
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