Oregon tax collections continue to surge, with Oregonians paying $1.2 billion more in income taxes this spring than last year.
The increasing state revenues aren’t due to higher taxes. Instead, according to Oregon’s quarterly economic forecast, many people cashed in assets in late 2021, causing a short-term income boost.
Most of the tax windfall will be sent back to taxpayers as credits or refunds on the taxes they file in spring 2024. But state lawmakers will have about $427 million more to spend in the 2023-25 budget cycle than the state’s forecasters anticipated in March.
State economist Mark McMullen told a legislative panel Wednesday morning that the tax revenue was “nothing short of shocking.” All states with income taxes have seen higher-than-expected revenue this year, he said.
For the complete story, see the Oregon Capital Chronicle.
