Current state law requires voters to select only one candidate for each office on the ballot. The candidate with the most votes after a single vote tally wins, even if not a majority. Measure 117 gives voters the option to rank candidates in order of preference using "ranked choice voting." Under the measure, voters may choose to rank only one candidate or multiple candidates for each office, as well as write in candidate(s). Votes are counted toward each voter's highest-ranked candidate. If no candidate receives a majority of votes, votes are tallied automatically in rounds. The candidate receiving the fewest votes in each round is defeated. A defeated candidate's votes go to the voter's next highest-ranked candidate. The process continues until one candidate has a majority of votes. The measure applies to the nomination and election of President, United States Senator, Representative in Congress, Governor, Secretary of State, State Treasurer and Attorney General, and election of the Commissioner of the Bureau of Labor and Industries. The measure requires the Secretary of State to establish a program to educate voters about how ranked choice voting elections will be conducted. Authorizes local governments to adopt ranked choice voting for elections for local offices. Local governments that adopted ranked choice voting before 2025 may continue to use current method or modify it. The measure applies to elections beginning in 2028.

Current law requires corporations to pay higher of either tax on taxable income or corporate minimum tax. Except S corporations, minimum tax amount determined by tax bracket based on corporation’s Oregon sales; minimum tax capped at $100,000 for $100,000,000 or more in sales. Beginning 2025, Measure 118 removes minimum tax cap; increases minimum tax on all corporations with Oregon sales exceeding $25,000,000 by imposing additional tax of 3% for sales above $25,000,000. Measure directs Department of Revenue to equally distribute increased revenue (minus certain costs) to all individuals residing more than 200 days annually in Oregon. Revenue distribution does not affect individual eligibility for state benefits; measure requires replacement of reduced federal benefits if distribution negatively affects individual’s benefits under any need-based program.