The petitioner behind Initiative Petition 17 (IP17), submitted another batch of signatures, bringing the total he has submitted to just over 156,000. IP17 proposes an increase to the state’s corporate minimum tax structure by adding a 3% tax on Oregon sales in excess of $25 million.
The petitioner has until July 5 to gather signatures and ultimately need 117,173 valid signatures to qualify for the November ballot. There is always some error rate associated with submitted signatures, so it’s common for petitioners to aim for well over that required amount to account for the error rate.
This gross receipts tax will have extremely negative consequences, particularly since it applies at every stage of the supply chain. It will drive up costs of everything from groceries and gas to prescription drugs and housing construction.
And what happens with the money raised from this tax increase? It’s “rebated” (the petitioner’s language) to anyone living in Oregon for 200-plus days, including children, and regardless of whether an individual pays taxes.
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