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Pamplin Media Group - Legislative budget writers come up with 2021-23 framework

Pamplin Media Group - Legislative budget writers come up with 2021-23 framework
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Column: Oregon's revenue forecast, next steps

Image by James Yang / The Chief
Oregonâs March Revenue Forecast was released last week from the Oregon Legislative Fiscal Office, and according to state economist Mark McMullen, revenue is up sharply and is estimated to return to pre-pandemic levels.
Even though there are 160,000 fewer jobs and businesses struggling to survive, economists say that in recent months, those losses have been offset by federal aid, larger businessesâ profits and higher wage earners increased income. While it is too soon to tell, these increases may even mean a personal income tax kicker return for Oregonians.
The new forecast predicts an increase in higher than expected personal income taxes, corporate taxes and lottery revenue. It also seems more likely that a federal aid package for state and local governments could result in billions of additional dollars for the state. We also have healthy reserves thanks to prudent budgeting. ....

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