STREAMING NOW: Watch Now

Oregon's huge windfall in tax revenue a 'truly seismic event'

Tax changes on the federal level allowed the state to collect far more in income taxes.

Posted: May 15, 2019 12:40 PM

SALEM, Ore. (AP) -- State economists say that federal tax reform allowed Oregon to take in historic amounts of revenue.

The state's May economic forecast released Wednesday predicts Oregon will take in $870 million more than what was predicted just three months ago. Some of that revenue will have to be returned to the taxpayers under a law unique to Oregon.

Mark McMullen is a state economist with the Office of Economic Analysis. He called the extra revenue a "truly seismic event."

Tax changes on the federal level allowed the state to collect far more in income taxes. But the good times aren't likely to last.

McMullen says growth has been slowing and that the state could enter a recession as Baby Boomers continue to exit the workforce.

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 135142

Reported Deaths: 1832
CountyCasesDeaths
Multnomah28678460
Washington18867175
Marion16394242
Clackamas11789138
Lane8467110
Jackson700485
Umatilla685671
Deschutes507339
Yamhill322846
Malheur316453
Linn314949
Polk249240
Klamath246944
Josephine178535
Benton174314
Jefferson171225
Douglas170943
Union112516
Wasco109123
Columbia105418
Lincoln100417
Hood River96121
Coos95215
Morrow94510
Clatsop6925
Crook62911
Baker5765
Tillamook3692
Curry3235
Lake2365
Grant2131
Harney1784
Wallowa973
Gilliam511
Sherman470
Wheeler201
Unassigned00
Eugene
Cloudy
45° wxIcon
Hi: 47° Lo: 39°
Feels Like: 42°
Corvallis
Partly Cloudy
45° wxIcon
Hi: 45° Lo: 38°
Feels Like: 45°
Roseburg
Cloudy
48° wxIcon
Hi: 54° Lo: 38°
Feels Like: 48°
North Bend
Cloudy
48° wxIcon
Hi: 55° Lo: 41°
Feels Like: 44°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events