Economists told Oregon lawmakers that state revenues are expected to come in $162 million higher in the current biennium, in part because tax hikes on the wealthy spurred a last minute sell-off of assets.
Economists told Oregon lawmakers that state revenues are expected to come in $162 million higher in the current biennium, in part because tax hikes on the wealthy spurred a last minute sell-off of assets.
That sell-off will lead to a slight decrease in the revenue forecast for the coming two years. Economists expect revenue to be $74 million lower than the December economic forecast expected.
The two numbers together mean lawmakers will have about $87 million more to work with as they develop a budget for the next two years. Though the results are surprising, actual returns weren’t far off enough from projections to trigger refund checks because of Oregon’s kicker law. But going forward, it’s possible that further growth could trigger a kicker.
Read more at OregonLive.com.
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