The Oregon Department of Revenue reported a $5.61 billion surplus in the 2021-2023 budget. For this reason, citizens can claim an average refund of $980.00 in 2024.
State law stipulates that in this case the funds must be returned to taxpayers in a so-called “kicker” refund.
The calculation is done by the Office of Economic Analysis of the State Department of Administrative Services and the “kicker” occurs in even years.
This allows state taxpayers to claim this as a credit on their tax return.
How much money are we talking about?
The Oregon Department of Revenue advises that the average expected refund amount will be $980.00. This means that half of the payments can be higher or lower depending on your earning capacity.
This value would be the highest since this “kicker” was delivered. That means, since 2014, residents have received additional credits ranging from $210.00 to $990.00 every two years.
In fact, this year’s bonus is the highest recorded since Oregon began lending in 1985. However, there was no budget surplus in 1981 and 1983, so residents did not receive the loan.
But according to the Oregon Department of Revenue, it is currently impossible to estimate how much money taxpayers will receive. They will do this by multiplying their 2022 state tax liability by 44.28%.
Taxes paid
If they claimed a credit for taxes paid to another state, they must deduct that amount before calculating the stimulus.
Additionally, if taxpayers filed a 2022 tax return and owed taxes before the credit, they can claim the benefit.
However, there is a very important aspect that must be taken into account. We are talking about the fact that the state can use a person’s money in whole or in part to pay off his public debt.
These include taxes from other years, child support, court fines or school loans, the press release says.