Oregon voters rejected Measure 118, which would raise the corporate tax and give all residents an annual discount.

As of Tuesday evening, the Secretary of State’s office showed that 79% of voters opposed the measure, while 21% voted for it.

One of two statewide citizen initiatives in the running, Measure 118 would add an additional 3 percent tax to most businesses on sales above $25 million per year. These profits would then be distributed to each resident, regardless of their age or circumstances, as long as they have lived in Oregon for at least 200 days during the relevant year.

Shortly after 9 p.m., the campaign released a statement saying it was disappointed, but not particularly surprised, by the results.

“Often, Goliath beats David,” the statement said. “In this case, the opposition to Measure 118 raised over $16 million to defeat it, more than 26 times what we raised. One thing is clear: if they did not believe that Measure 118 could pass, they would not have spent millions of dollars to fight it.

The measure is the most controversial on the ballot and has brought together an unusual coalition of political opponents and leaders against it, including Democratic Gov. Tina Kotek, about 50 lawmakers from both parties, unions and more than 200 companies and business groups . Opponents, led by the lobbying group Oregon Business & Industry, raised $19.4. million and flooded the airwaves with television ads, claiming the measure would amount to a sales tax and cost consumers money. The idea is that businesses would raise their prices to pay the tax, then raise consumer prices to pay for it.

“The size and diversity of our coalition shows how flawed Measure 118 was,” said Angela Wilhelms, chair of the campaign against Measure 118 and president and CEO of Oregon Business & Industry. “But defeating even imperfect ballot measures requires an enormous amount of work and financial support. The many companies and organizations that have helped spread the message deserve a lot of credit. The same goes for elected leaders who joined our coalition early on.

Supporters included the Oregon Progressive Party, the Pacific Green Party, Teamsters Local 206 and a few other groups, as well as Californians who support passing a universal basic income that would give everyone a guaranteed income every year , whatever his needs: Josh Jones, an investor from Los Angeles; the family and foundation of the late Gerald Huff, a California software engineer; and Dylan Hirsch-Shell, a former Tesla engineer and current candidate for San Francisco mayor, who donated $100,000 to the campaign.

Supporters said it would mark the start of a universal basic income – although the reduction would be far from there. It could range from $1,000 to $1,300 in 2026 and reach $1,600 per person in 2027, according to a state analysis. The analysis also found that the program would reduce total personal income taxes by 33 percent, including reducing or eliminating personal income taxes on individuals who earn less than $40,000 a year.

Updated at 9:23 p.m. with additional results, comments