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Oregon will have plenty to spend on public services as corporate tax collections are increasing in a strong post-pandemic economy, state economists said Wednesday.
Total General Fund resources in 2023-25 increased by $437 million, state economists said. Democratic Gov. Tina Kotek welcomed the news contained in the quarterly revenue forecast presented Wednesday by the Office of Economic Analysis.
“We must leverage the opportunity presented by another positive forecast to invest in housing production and other urgent needs to support Oregon families and the state’s long-term economic growth,” Kotek said.
Rep. Vikki Breese-Iverson, leader of the minority Republicans in the Oregon House of Representatives, urged that funds be dedicated to combatting crime and the flood of fentanyl into the state. House Speaker Dan Rayfield, a Democrat, said the healthy revenue forecast means Oregon can continue to address homelessness, access to mental health and health care, community safety and education.
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State economists revealed on Wednesday that Oregon’s robust post-pandemic economy is leading to an upswing in corporate tax collections, providing substantial resources for investments in public services.
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State economist Josh Lehner said that as inflation slows, income gains are outpacing price increases, leading to rising living standards.
“Today’s forecast means we can sustain critical funding for services that directly impact the lives of Oregon families,” Democratic Senate President Rob Wagner said.
Senate Republican Leader Tim Knopp urged bold investments in infrastructure like roads, sewer systems, and water.
An increase in revenues at the end of the 2021-23 biennium will result in a larger personal income “kicker” than previously estimated, state economists said. The typical Oregonian is expected to receive a $980 credit on their state income tax under Oregon’s unique “kicker” law.