Opinion ID: 836577
Heading Depth: 1
Heading Rank: 4

Heading: limits corporate taxpayers' excess revenue (surplus kicker) refund rate

Text: RESULT OF `YES' VOTE: `Yes' vote limits corporate taxpayers' excess revenue refund rate to personal income taxpayers' refund rate. RESULT OF `NO' VOTE: `No' vote retains separate excess revenue refund rates for corporate taxpayers and personal income taxpayers. SUMMARY: Current state law establishes separate excess revenue determinations and separate excess revenue refund rates for corporate income/excise taxpayers and personal income taxpayers. Such surplus kicker refunds are required when revenues received exceed estimates by two percent. Measure limits corporate income/excise taxpayers' refund rate (provided as a tax credit) to personal income taxpayers' refund rate during same biennium. Limitation first applies to surplus kicker refunds in 1999-2001 biennium. Measure distributes any increased revenues to school districts for textbooks or capital improvements.