Oregon Corporate Income and Excise Tax "Kicker" Repeal Initiative (2012)
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Text of measure
The official ballot title was:
Result of "Yes" Vote: "Yes" vote repeals the corporate income and excise tax "kicker" refund when revenue exceeds estimated collections; retains revenue otherwise refunded in the state General Fund.
Result of "No" Vote: "No" vote retains existing corporate income and excise tax "kicker" that requires refund to corporations when revenue exceeds estimated collections by two percent or more.
Summary: Amends constitution. Before each biennium, the governor must prepare an estimate of revenues expected to be received by the General Fund for the next biennium. The General Fund is the primary funding source for schools, prisons, social services, other state-funded programs/services. Current law requires an automatic "kicker" refund of corporate income and excise tax revenue when that revenue exceeds estimated collections by two percent or more. Measure repeals the corporate income/excise tax "kicker" refund; directs revenue that otherwise would be refunded to be retained in the state General Fund. Measure does not change the constitutional personal income tax "kicker" provision that requires a refund to individual taxpayers when personal income tax revenue exceeds estimated revenues by two percent or more. Other provisions.
Path to the ballot
- See also: Oregon signature requirements
In order to qualify for the ballot, supporters were required to collect a minimum of 116,283 valid signatures by July 6, 2012.