John Rosman
Originally published on May 19, 2021 5:06 pm
Oregon economists delivered some major, if familiar, news to lawmakers on Wednesday regarding the state’s financial health. For the third forecast in a row, Oregon’s tax revenues are set to outpace what economists expected mere months ago.
This time, though, the expectations are truly eye-popping.
State economist Mark McMullen told members of the House and Senate revenue committees that the state will see an extra $1.18 billion land in its coffers for the current two-year budget cycle ending June 30 than expected in February, a shift driven largely by surging income tax collections. Economists also expect an additional $1.25 billion for the 2021-23 biennium, and $1.64 billion more from 2023-25.