Oregon state revenues rise $55 million despite corporate tax shortfall
Bend, ORE. (KTVZ) — Oregon state revenues increased by $55 million in the latest quarterly revenue forecast released Wednesday. The overall increase was driven largely by higher personal income tax collections.
Despite the gains in personal income tax revenue, collections from Oregon’s Corporate Activity Tax came in below initial expectations during the forecast period.
State Sen. Bruce Starr, R-Dundee, who serves as the Senate Republican Leader, commented on the forecast following its release on Wednesday. Starr pointed to economic pressures facing both residents and commercial enterprises across the state.
“Oregonians are doing their part to keep our economy moving, even as energy bills and the cost of living take a bigger bite out of their paychecks. But their resilience shouldn’t distract us from the warning signs in Oregon’s economy,” Starr said. “The drop in expected Corporate Activity Tax revenue reinforces that we need businesses staying and growing in Oregon, not packing up and taking jobs with them. We are ready to lower costs, grow our job base and make Oregon a place where people and businesses can afford to succeed. What’s been missing is a willing partner in the Governor’s Office.”
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