![]() #Who spent money on the corozon ads on yes network plus#Sales above $25 million would have been taxed at a rate of $30,001 plus 2.5 percent. ![]() The cap of $100,000 would have been eliminated. Measure 97 would have transformed the structure of the minimum tax on sales. The minimum tax on sales is capped at $100,000. In Oregon, these businesses pay either what is known as a "minimum tax" of roughly 0.1 percent on sales or 6.6 percent on taxable income up to $1 million and 7.6 percent over $1 million, whichever amount is greater. "C-corporation" is an IRS designation for a business that pays its own taxes. Measure 97’s tax increase would have impacted one type of corporation known as a C-corporation. 10.2 Northwest Economic Research CenterĮlection results from Oregon Secretary of State Overview Corporate income tax in Oregon.The previous record was set in 2014, when supporters and opponents of Measure 92, which would have mandated the labeling of foods containing GMOs, raised a combined total of $29 million. A combined total of $47,293,418 was raised in support of or opposition to the initiative. The campaigns surrounding Measure 97 engaged in the most expensive ballot measure battle in state history. If Measure 97 had been approved, Oregon would have had the highest top rate. In 2016, five other states had business taxes based on gross sales. ![]() Thereafter, additional revenue from the measure would have been expected to be around $3 billion per year. According to the state's fiscal impact statement, state revenue would have increased by an estimated $548 million between January 1 and June 30, 2017. If approved, the new tax would have been implemented on January 1, 2017. ![]() It was defeated.Ī "yes" vote supported this proposal to remove the cap on the corporate gross sales tax, also known as the "minimum tax," and establish a 2.5 percent tax on gross sales that exceed $25 million.Ī "no" vote opposed this proposal and retained the existing corporate tax structure. The Oregon Business Tax Increase Initiative, also known as Measure 97, was on the November 8, 2016, ballot in Oregon as an initiated state statute. ![]()
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