With more than half of the vote counted in Oregon and Washington, here are the initial results of statewide measures we have been tracking this election cycle.

Oregon Measure 118 (Raising Corporate Taxes) – Defeated

Measure 118 proposed to institute certain corporate taxes as a way of funding rebates to individual Oregonians. We previously described this Measure in the DJC. As of the time of drafting this eBlast, Oregon reported 73% of the vote; of that vote, almost 79% voted no on this Measure. If this result holds, Measure 118 will not pass. That means corporate taxes will not increase because of this Measure, and no individual rebates will be issued.

Washington Measure 2109 (Repeal Capital Gains Tax) – Defeated

Measure 2109 proposed to repeal Washington’s capital gains tax, a statewide tax that had garnered much press and was upheld by Washington’s Supreme Court. For a detailed discussion of Washington’s capital gains tax, please see Washington State Supreme Court Upholds Capital Gains Tax and Washington Enacts Excise Tax on Gains from the Sale or Exchange of Certain Capital Assets. As of the time of drafting this eBlast, Washington reported 62% of the vote; of that vote, approximately 63% voted no on this Measure. If this result holds, Measure 2109 will not pass. That means Washington’s capital gains tax will remain active in Washington.

If you have any questions about these Measures or other tax issues, please contact your Schwabe attorney or reach out to Dan, John, or Andrea.

This article summarizes aspects of the law and opinions that are solely those of the authors. This article does not constitute legal advice. For legal advice for your situation, you should contact an attorney.