Oregon Corporate Income Tax Increase Initiative (2012)
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Text of measure
The draft ballot title was:
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.