OR revenue forecast: $2.3 billion increase, bigger rebate

SALEM, Ore. (AP) — Increased tax revenues are now predicted to deliver a record kicker rebate of $3 billion to taxpayers in 2024. The Oregonian/OregonLive reports that Economist Mark McMullen on Wednesday called the latest revenue outlook for the state’s two-year budget cycle “nothing short of shocking.” Oregon’s income tax receipts this filing season mean a $2.3 billion increase in general fund revenue compared with just three months ago, but the unique kicker tax rebate would return much of the money to taxpayers. There will be $427 million more for state lawmakers to spend in the 2023-2025 budget. Oregon’s current two-year general fund and lottery budget is $29.3 billion, according to the Legislative Fiscal Office.