Oregon economists delivered some major, if familiar, news to lawmakers on Wednesday regarding the state’s financial health. For the third forecast in a row, Oregon’s tax revenues are set to outpace what economists expected mere months ago.
Oregon could see a ‘kicker’ despite pandemic’s toll
Oregon’s budget picture continued its impressive comeback Wednesday, with a new revenue forecast suggesting the state will take in hundreds of millions of dollars more in the current budget cycle than expected months ago.
Kotek Introduces Bill To Redirect Half Of Oregon's Record 'Kicker' Tax Refund
UPDATE (12:43 p.m. PT) — A day after state economists revealed the largest “kicker” tax rebate in Oregon’s history might be flowing back to taxpayers next year, House Speaker Tina Kotek, D-Portland, is introducing a plan to cut it in half.
Oregon economists predict economic slowdown, kicker rebate in 2020
State economists delivered mixed news for Oregonians on Wednesday morning, confirming that taxpayers are likely to receive a “kicker” tax rebate in two years while warning it could coincide with a recession.
“These are always really the things that are so difficult for economic forecasters to get ahold of, when times are changing,” state economist Mark McMullen said during a presentation to lawmakers at the Capitol.
Kicker Coming? Oregon Tax Revenues Might Exceed Estimates
Oregon’s surging tax collections show no signs of abating — and that means you’re probably going to get some money back. Again.
The state’s latest revenue forecast, released Wednesday, shows personal income tax revenues for the 2017-19 fiscal biennium stand to come in $555 million above initial forecasts. That’s more than enough to trigger Oregon’s unique “kicker” provision, which doles money back to taxpayers when taxes come in at more than 2 percent above estimates.