Measure 67 proves its earning potential

But Measure 66 falls short of estimates

Written by Peter Wong and Queenie Wong

Statesman Journal

Almost two years after Oregon voters upheld them, a new report confirms that state coffers are getting most of the added business taxes approved by lawmakers in mid-2009 to balance the budget.

The increases were contained in Measure 67, which boosted marginal rates for businesses generating more than $250,000 annually. It also raised the corporate minimum tax, which had been $10, and business registry fees. Businesses pay the higher of the corporate tax or the minimum tax, but not both.

According to a report issued last week by the Legislative Revenue Office, based on tax returns processed through Oct. 31 of this year, the corporate-tax increases generated 96 percent of the $261 million projected for the 2009-11 budget cycle that ended June 30.

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