It is official! The state of Oregon has approved a $463 million kicker related to the 2016 tax year. The surplus means that the State of Oregon will be kicking income tax dollars back to Oregon taxpayers. Although taxpayers will not be getting cash back, they will be able to claim the kicker as a tax credit on their 2017 Oregon tax return.
Based on early estimates, each Oregon taxpayer should be receiving a 6.3% rebate based on their 2016 Oregon tax liability. To calculate your estimated 2017 kicker credit, multiple line 24 of your Oregon tax return (tax before credits) by 6.3%. This is the amount you will be able to claim on your 2017 Oregon tax return as a tax credit. For an Oregon nonresident filer, this is line 50 and an Oregon part year resident, this is line 49.
Unfortunately, this applies to individual taxes only. If you are a corporation that pays tax in the state of Oregon, you are not eligible for a kicker credit.
When filing your 2017 taxes, do not forget this credit! It is free money from the state of Oregon. If you need help calculating your kicker refund, or tax help in general, reach out to me today to discuss.
Fitzpatrick, Johnson & Associates CPAs, is a full service accounting firm providing tax, financial statement, and bookkeeping services based in McMinnville, OR, southwest of Portland, OR.