Oregon’s proposed Measure 118 is a new stimulus initiative that could offer residents financial relief of up to $6,400 per household. As winter approaches and living costs climb, this measure aims to ease financial burdens for millions across the state. But before Measure 118 can become a reality, it must pass legislative hurdles and gain voter approval in the November election. Here’s what residents need to know about the potential benefits and eligibility criteria.
What Measure 118 Offers
If approved, Measure 118 will provide eligible Oregon residents with either a refundable tax credit or a direct cash rebate:
- Per Person: Each eligible resident could receive up to $1,600.
- Per Household: Families of up to six members can claim a total of $6,400.
The financial support from this measure will extend over three years, allowing residents to cope with rising expenses across multiple seasons. The program will prioritize low-income and middle-income households, making it particularly beneficial for those hit hardest by increasing costs of living.
Goal of Measure 118
Measure 118 is designed to reach residents struggling most with affordability issues in Oregon. According to Kim McCarty, Executive Director of the Community Alliance of Tenants, this measure is critical for renters and low- to middle-income families who face a lack of affordable housing and rapid increases in rent prices. “This measure is a lifeline for Oregon renters facing skyrocketing costs,” said McCarty. For many, a check of $1,600 could be the difference between staying in their homes or facing the risk of homelessness.
Eligibility Requirements
To qualify, residents will need to meet certain eligibility conditions:
- Residency Requirement: Applicants must have lived in Oregon for at least 200 days within a calendar year.
- Income-Based Focus: The measure aims to support low- and middle-income earners, although specific income limits will likely be outlined in the final legislative guidelines.
This support system is intended to help “those most in need in our state, without leaving anyone behind,” according to advocates. Oregon’s affordability crisis, marked by rising rent and limited housing, has made initiatives like Measure 118 essential to stabilizing households.
Growing Demand
The need for programs like Measure 118 has grown as housing costs in Oregon reach record highs. Low-income residents, in particular, struggle to make ends meet, and many face financial distress due to volatile housing markets and limited availability of affordable rentals. This measure would provide immediate relief and offer a buffer against rising costs, preventing further housing instability.
Programs like Measure 118 address not just rental prices but the broader cost-of-living challenges many Oregonians are facing. For families who may otherwise fall through the cracks, this program offers crucial support as living expenses continue to climb.
Possible Obstacles
Measure 118 proposes funding the initiative through a 3% increase in the corporate tax rate on earnings over $25 million. This tax increase has sparked debate, as many fear it could lead to higher costs for consumers if businesses pass the increased tax burden onto their customers.
Michael Ryan, a finance expert, observed that “more states are trying out different rebate structures,” with Oregon’s approach being “among the most aggressive.” This funding method may be divisive, especially among business leaders and residents concerned about inflation.
What’s Next?
As the November election approaches, Oregon residents will have the chance to vote on Measure 118. If approved, it will provide a substantial financial boost to eligible households, assisting them in covering essential living expenses for the next three years. However, the measure’s funding strategy could be a sticking point, potentially affecting its popularity among voters.
If Measure 118 passes, eligible Oregon families could experience much-needed financial relief, helping them keep up with the rising cost of essentials and housing. The outcome of this vote will be crucial for many, determining whether they can maintain housing stability during a challenging economic period.
FAQs
How much can families receive under Measure 118?
Eligible families can receive up to $6,400.
What is the individual payment limit?
Individuals can receive up to $1,600.
Who qualifies for Measure 118 benefits?
Residents must have lived in Oregon for at least 200 days.
How will Measure 118 be funded?
Through a 3% corporate tax increase on earnings over $25 million.
When will Measure 118 be voted on?
In the upcoming November election.
