Oregon Ballot Measure Will Cost Businesses Millions

A group of pro-tax activists claim they have collected enough signatures to put a new gross receipts tax ballot measure on Oregon’s November 2024 statewide ballot. If approved by voters, Initiative Petition 17 (IP 17) would enact the largest tax increase in Oregon history. IP 17 seeks to add a 3% corporate minimum tax on gross sales above $25 million.

In turn, the proceeds for this tax will require the state’s general fund budget to issue a $750 annual basic income “rebate” to all Oregon residents. Any business that meets the sales threshold would be required to pay an extra 3% tax, as well as their current state’s corporate tax obligation and any local tax levies. A coalition of businesses is organizing a counter-campaign to educate the public on the initiative’s misleading facts, the unintended consequences of higher prices for consumers, and the economic impact if businesses choose to leave the state.

Given that impact, Cigna is working closely with the Oregon Business & Industry Association to oppose the measure and educate voters on the costly impacts to all Oregonians should this measure pass.