Measure 85

Ballot Title

Amends Constitution: Allocates corporate income/excise tax “kicker” refund to additionally fund K through 12 public education

Result of “yes” vote: “Yes” vote allocates the corporate income and excise tax “kicker” refund to the General Fund to provide additional funding for K through 12 public education.

Result of “no” vote: “No” vote retains existing corporate income and excise tax “kicker” that requires refund to corporations when revenue exceeds estimated collections by two percent or more.

Summary: Amends constitution. Before each biennium, the governor must prepare an estimate of revenues expected to be received by the General Fund for the next biennium. The General Fund is the primary funding source for schools, prisons, social services other state-funded programs/services. Current law requires an automatic “kicker” refund to taxpayers of corporate income and excise tax revenue that exceeds estimated collections by two percent or more. Measure allocates the corporate income and excise tax “kicker” refund to the General Fund to provide additional funding for K through 12 public education. Measure does not change the constitutional personal income tax “kicker” provision that requires a refund to individual taxpayers when personal income tax revenue exceeds estimated revenue by two percent or more. Other provisions.