SALEM, Ore. (AP) – Oregon residents can expect an extra tax credit next year thanks to a strong economy that’s left the state bringing in more earnings than economists anticipated.
That’s according to the state’s Economic and Revenue Forecast, released on Wednesday. The report says Oregon will see $20.6 billion in revenues by the end of June. The surplus exceeds officials’ expectations by $147 million and triggers a $748 million taxpayer refund under the state’s so called “kicker law.”
But Oregon’s large economy means individuals will see a smaller share of that refund – which comes in the form of a personal income tax credit – than in years past.
Officials say Oregon has financially benefited from higher wages, a large workforce and a strong U.S. economy. Lawmakers will use the revenue forecast to write a budget.
