sarah jesudason also @[email protected]

ALT FULL TEXT OF BALLOT TITLES-NOVEMBER 5, 2024 MULTNOMAH COUNTY STATE OF OREGON Proposed by Initiative Petition 118 Increases highest corporate minimum taxes; distributes revenue to eligible individuals; state replaces reduced federal benefits Result of "Yes" Vote: "Yes" vote increases corporate minimum tax on Oregon sales exceeding $25,000,000; eliminates tax cap; distributes revenue to eligible individuals; state replaces any reduced federal benefits. Result of "No" Vote: "No" vote retains existing corporate minimum taxes on Oregon sales; twelve tax brackets impose different tax amounts, capped at $100,000 tax on sales exceeding $100,000,000. Summary: Current law requires corporations to pay higher of either tax on taxable income or corporate minimum tax. Except S corporations, minimum tax amount determined by tax bracket based on corporation's Oregon sales; minimum tax capped at $100,000 for $100,000,000 or more in sales. Beginning 2025, measure removes minimum tax cap; increases