Oregon residents may soon receive a much-needed financial boost with Measure 118, a proposed initiative that could provide up to $1,600 per person. This assistance is aimed at helping low- and middle-income families deal with the high cost of living in Oregon, especially as winter approaches. Measure 118 will focus on providing financial relief in the form of a tax credit or direct rebate. Here’s everything you need to know about who qualifies for this financial aid, how much residents could receive, and what the next steps are.
What Is Measure 118?
Measure 118 is a proposed law that, if approved, would provide financial relief to Oregon residents in the form of a $1,600 per person payment. This assistance is designed to help families with living expenses like rent, groceries, and utilities, especially as housing costs continue to rise.
The program would run for three years, offering up to $6,400 annually for larger households (with up to six members). The funds will be allocated through either a refundable tax credit or a direct rebate, depending on the resident’s choice.
How Much Could You Receive?
- Payment Amount: $1,600 per eligible person
- Household Limit: Families with up to six members can receive a total of $6,400 annually
- Type of Assistance: Refundable tax credit or direct rebate
- Duration: Three-year program
- Approval: Measure 118 needs to be approved by voters in November 2024 to go into effect.
Who Qualifies for the $1,600 Payment?
Oregon residents who meet the following requirements are eligible for this financial assistance:
- Residency: Applicants must have lived in Oregon for at least 200 days during the tax year to qualify.
- Income Level: While specific income limits have not been finalized, the program targets low- and middle-income households. It is expected that income eligibility will align with other state programs designed to help financially struggling residents.
- Household Size: Each member of an eligible family can qualify for the $1,600 payment, with a maximum of six people per household.
This initiative is designed to help with essential living costs, such as rent, utilities, and groceries, particularly for families who are most at risk of financial instability.
Why Is Measure 118 Important?
The main goal of Measure 118 is to ease the financial burden on Oregon’s low- and middle-income families, especially those struggling with the high cost of housing. As rental prices continue to increase, many families are at risk of homelessness or housing insecurity. The $1,600 payment could help these residents afford rent and prevent eviction.
Kim McCarty, the Executive Director of the Community Alliance of Tenants, explained that this financial relief could be life-changing for many families. By directly addressing housing costs, Measure 118 could play a crucial role in stabilizing the living situations of Oregonians facing financial hardship.
Additionally, the program would help support Oregon’s local economy by providing financial relief to families who are likely to spend the money on everyday essentials, boosting demand for local goods and services.
Funding Measure 118: Challenges and Concerns
While Measure 118 could provide much-needed relief, it faces some challenges. The program would be funded by increasing the corporate tax rate for businesses that earn more than $25 million annually. The tax rate would increase to 3%. This has raised concerns among business owners and some residents, who worry that businesses may pass these higher costs onto consumers, leading to higher prices for goods and services.
Michael Ryan, a finance expert, pointed out that Oregon’s approach to funding this program through a corporate tax increase is one of the most aggressive in the country. This has led to debates on whether this funding method could negatively affect consumers and whether Measure 118 will be approved.
What Happens Next?
Measure 118 will be on the ballot in November 2024, and Oregon voters will decide whether to approve or reject it. If the measure is approved, residents can expect to start receiving their payments in early 2025. Until then, it is important for Oregon residents to stay informed about the measure’s progress and updates on eligibility criteria.
If passed, Measure 118 has the potential to improve the lives of thousands of Oregon families, providing them with financial relief and helping them manage the rising cost of living. The rebate could also create a positive ripple effect in the local economy as families spend the aid on essential goods and services.
Conclusion
Measure 118 is a significant proposal designed to provide financial relief to Oregon families facing high living costs. If passed, it would provide up to $1,600 per person to eligible residents, helping them manage rent, groceries, and other essential expenses. With funding sourced from a corporate tax increase, Measure 118 aims to assist those who need it most, but it faces opposition due to concerns over the potential impact on consumers. Oregon voters will have the final say in November 2024, and if approved, this initiative could provide a lifeline for many families struggling with financial instability.
FAQ’S
1. What is Measure 118 in Oregon?
Measure 118 is a proposed initiative in Oregon that could provide financial relief to low- and middle-income households. If approved, it will offer up to $1,600 per eligible person in the form of a refundable tax credit or direct rebate. The program will run for three years and is aimed at helping residents cover rising living costs, especially housing expenses.
2. Who is eligible for the $1,600 rebate?
Income Level: The rebate targets low- and middle-income households, with the income thresholds yet to be finalized.
3. How will Measure 118 be funded?
Measure 118 is proposed to be funded through an increase in the corporate tax rate for businesses earning more than $25 million annually. The corporate tax rate would rise to 3%. This has sparked some debate, as critics worry that businesses might pass these added costs onto consumers in the form of higher prices.