Corporate tax hike gets greenlight for November - KPTV - FOX 12

Corporate tax hike gets greenlight for November

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Associated Press

PORTLAND, Ore. (AP) - The biggest corporate tax hike proposal in Oregon history is officially headed to voters this fall.

On Monday state elections officials approved more than 95,000 signatures Initiative Petition 28. If approved the measure could generate an extra $3 billion in annual tax revenue - a quarter percent-boost to the state's general fund - from the state's 1,000 largest businesses. IP 28's public union-backers say that would help solve decades-long funding issues in education, health care and senior services by targeting only the wealthiest companies doing business in Oregon. The state remains heavily reliant on personal income taxes after voters have repeatedly rejected the idea of a sales tax.

But details about spending money generated by the measure were ultimately left to the Legislature. Some Republican lawmakers say it's a "blank check" that raises questions about the motives of the measure's backers.

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