SALEM, Ore. (AP) — A forecast from Oregon’s state economist predicts strong economic growth and low unemployment will drive roughly $752 million more to state coffers than 2017 estimates predicted, triggering automatic kickbacks to taxpayers and schools.
The taxpayer give-back, called the kicker, is an automatic provision that causes Oregon taxpayers to get a credit when forecasts are revised upward by more than two percent, effectively transferring some of the money back to residents.
If the forecast proves correct a total of about $555 million will go to taxpayers as credits on their 2019 taxes. A similar provision will funnel the remaining $152 million to school budgets.
The forecast, released Wednesday, is the latest of several to be revised upward as markets around the country continue growing after the 2008 recession.