Oregon Corporate Income Tax Increase Initiative (2012)

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An Oregon Corporate Income Tax Increase Initiative, also known as Initiative 28 and 29, did not make the November 2012 statewide ballot in the state of Oregon as an initiated state statute.

Text of measure

The draft ballot title was:[1]

Raises corporate income tax rate to 10% on taxable income over $10 million.

Result of "Yes" Vote: "Yes" vote increases corporate income taxed at lower rate to $10 million; increases tax rate on income over $10 million to 10%.

Result of "No" Vote: "No" vote retains lower tax rate on first $250,000 of corporate income, higher rate on income over $250,000 ($10 million after 2013).

Summary: Under current law corporate tax rates are: 6 and 6/10ths percent of the first $250,000 of taxable income; and 7 and 6/10ths percent of income over $250,000 (for tax years January 1, 2011, through December 31, 2012). Beginning January 1, 2013, corporate tax rates are: 6 and 6/10ths percent of the first $10 million of taxable income; and 7 and 6/10ths percent of income over $10 million. Measure changes corporate tax rates for/after 2013 to 6 and 6/10ths percent of first $10 million, and 10 percent of income over that amount. Repeals laws requiring (after January 2013) corporate income/excise tax revenues exceeding a specified amount to be deposited in Oregon Rainy Day Fund.

Path to the ballot

See also: Oregon signature requirements

In order to qualify for the ballot, supporters were required to collect a minimum of 87,213 valid signatures by July 6, 2012.

See also

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