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Published on June 19, 2024
Oregon Ballot Initiative for $750 Statewide Rebate Surpasses Signature Requirement, Heads to November VoteSource: Unsplash / Frederick Warren

Oregonians might soon find themselves with an extra $750 in their pockets, as a ballot initiative intended to boost corporate taxes and provide a statewide rebate has successfully garnered enough signatures to appear on the November ballot. According to KOIN, Initiative Petition 17 (IP-17) has surpassed the required 117,173 signatures, amassing 135,723, which still require confirmation from the Secretary of State’s Office.

The "Oregon Rebate" website poses the question, "Could you use $750?" and outlines the proposed distribution methodology, ensuring every Oregonian who has resided in the state for more than 200 days of the prior year would be eligible. Exceeding the signature requirement by 18,550, it seems state residents' response to the question posed was a resounding "yes"—though a final count will confirm the gauge's legitimacy of the public sentiment.

Financial backing for the campaign has been robust, with an estimated $740,000 in contributions, and three behemoth out-of-state donors accounting for $610,000 of that sum, as reported by KPTV. The campaign group for the Oregon People's Rebate originated in 2020, and having the initiative poised for a 2024 ballot appearance marks a tremendous evolution from its conception.

However, not everyone is on board with the initiative. Oregon business corporations, already bristling with discontent, are now bracing themselves to push back against the proposal. A tax policy research nonprofit, Tax Foundation, contends that a rise in corporate taxes could spawn a cascade of economic drawbacks, ultimately being counterproductive. "That might sound good. But if it raises the cost of goods, drives jobs and economic activity out of state, and puts Oregon-based businesses at a massive disadvantage with their out-of-state competitors, it’s likely to be an awful deal for Oregonians," the Tax Foundation has warned, according to KPTV. With the discourse of this debate heating up, come November, Oregonians will decide the fate of their wallets—and perhaps, the state's economic trajectory.