Oregon’s state coffers continue to add personal and corporate income taxes at a record pace, state economists told lawmakers, although there are other signs that pace will slow soon.

Though the state’s current two-year budget cycle has almost 18 more months to go, the newest projections put the state on track for a $553 million return of excess personal income taxes in spring 2024 — in the form of credits reducing taxes owed — and a $250 million return of corporate income taxes into the state school fund.

“That is still up in the air,” state economist Mark McMullen told members of the House and Senate revenue committees on Wednesday, Nov. 17. A determination of whether there are excess taxes will await the September 2023 forecast.