Current:Home > StocksOregon political leaders are delighted by the state’s sunny revenue forecast-LoTradeCoin
Oregon political leaders are delighted by the state’s sunny revenue forecast
View Date:2024-12-23 19:33:51
SALEM, Ore. (AP) — Oregon will have plenty to spend on public services as corporate tax collections are increasing in a strong post-pandemic economy, state economists said Wednesday.
Total General Fund resources in 2023-25 increased by $437 million, state economists said. Democratic Gov. Tina Kotek welcomed the news contained in the quarterly revenue forecast presented Wednesday by the Office of Economic Analysis.
“We must leverage the opportunity presented by another positive forecast to invest in housing production and other urgent needs to support Oregon families and the state’s long-term economic growth,” Kotek said.
Rep. Vikki Breese-Iverson, leader of the minority Republicans in the Oregon House of Representatives, urged that funds be dedicated to combatting crime and the flood of fentanyl into the state. House Speaker Dan Rayfield, a Democrat, said the healthy revenue forecast means Oregon can continue to address homelessness, access to mental health and health care, community safety and education.
State economist Josh Lehner said that as inflation slows, income gains are outpacing price increases, leading to rising living standards.
“Today’s forecast means we can sustain critical funding for services that directly impact the lives of Oregon families,” Democratic Senate President Rob Wagner said.
Senate Republican Leader Tim Knopp urged bold investments in infrastructure like roads, sewer systems, and water.
An increase in revenues at the end of the 2021-23 biennium will result in a larger personal income “kicker” than previously estimated, state economists said. The typical Oregonian is expected to receive a $980 credit on their state income tax under Oregon’s unique “kicker” law.
veryGood! (1)
Related
- 'Full House' star Dave Coulier diagnosed with stage 3 cancer
- Will Lionel Messi travel for Inter Miami's match vs. Chicago Fire? Here's the latest
- Move over, Tolkien: Brandon Sanderson is rapidly becoming the face of modern fantasy
- Georgia prosecutor accused of stealing public money pleads guilty in deal that includes resignation
- A herniated disc is painful, debilitating. How to get relief.
- A Georgia Democrat seeks to unseat an indicted Trump elector who says he only did what he was told
- As first execution in a decade nears, South Carolina prison director says 3 methods ready
- Suspect in abduction and sexual assault of 9-year-old girl dies in car crash while fleeing police
- Alexandra Daddario shares first postpartum photo of baby: 'Women's bodies are amazing'
- Oregon ban on hard-to-trace ghost guns goes into effect Sunday
Ranking
- Younghoo Koo takes blame for Falcons loss to Saints: 'This game is fully on me'
- 2024 Paris Paralympics: Paychecks for Medal Winners Revealed
- Are 'provider women' the opposite of 'trad wives'? They're getting attention on TikTok.
- Florida state lawmaker indicted on felony charges related to private school
- Guns smuggled from the US are blamed for a surge in killings on more Caribbean islands
- NYC Environmental Justice Activists Feel Ignored by the City and the Army Corps on Climate Projects
- Angelina Jolie Shares Perspective on Relationships After Being “Betrayed a Lot”
- Defense Department civilian to remain jailed awaiting trial on mishandling classified documents
Recommendation
-
Jason Kelce Jokes He Got “Mixed Reviews” From Kylie Kelce Over NSFW Commentary
-
Allison Holker, wife of the late Stephen 'tWitch' Boss, teases a new relationship
-
Angelina Jolie Shares Perspective on Relationships After Being “Betrayed a Lot”
-
Brazil blocks Musk’s X after company refuses to name local representative amid feud with judge
-
Can't afford a home? Why becoming a landlord might be the best way to 'house hack.'
-
An Alabama man is charged in a cold case involving a Georgia woman who was stabbed to death
-
Poland eases abortion access with new guidelines for doctors under a restrictive law
-
Lionel Messi's Inter Miami already in MLS playoffs. Which teams are in contention?