ReportWire

Oregon taxpayers will see a $1.4B kicker in 2026. How much will you get?

[ad_1]

PORTLAND, Ore. (KOIN) – Oregonians continue to face financial uncertainty due to rising costs and layoffs, but when they file their taxes next year, they can expect to see some extra cash in their pockets.

The Oregon Department of Revenue confirmed an over $1.41 billion revenue surplus in the 2023-2025 biennium, which means taxpayers will get the unused cash back.

Taxpayers who filed a 2024 tax return will receive a kicker when they file their 2025 taxes. The credit will either increase their state income tax refund or decrease the amount of state taxes they owe.

To calculate the kicker you are set to receive, use the state’s “What’s My Kicker?” calculator. You’ll need your full name, social security number, and filing status for 2024 and 2025.

This calculation is made by multiplying a taxpayer’s 2024 personal income tax liability before any credits—line 24 on the 2024 Form OR-40 filed earlier this year—by 9.863%.

[ad_2]

Aimee Plante

Source link