Strong economy pumps an extra $800M into Oregon tax coffers

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.