Latest news with #OregonEconomicandRevenueForecast
Yahoo
14-05-2025
- Business
- Yahoo
Report estimates $756M decline in Oregon resources amid tariff uncertainty
PORTLAND, Ore. () — The latest Oregon Economic and Revenue Forecast is less hopeful than what was projected just three months ago. The on Wednesday, revealing a potential $755.7 million decline in funding for the 2025-2027 biennium. State economists noted that personal income taxes had the most measurable change, with a $529 million decrease from what was anticipated. Portland to Vancouver ferry project making final critical push for funding Economists are also projecting about $37.4 billion in General Fund revenue for the upcoming biennium. The estimated resources would be around $38.2 billion. The revenue changes have impacted the personal kicker refund expected for Oregonians when they file their 2025 taxes. That figure now stands at $1.639 billion, about a 5% drop from the prior estimate of around $1.726 billion. In the report, officials noted further challenges could be in store for the state as its economy braces for the impact of federal tariffs. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now 'Not only is it too soon to understand how the economy is responding to actions already taken — but, more broadly, the ultimate scope of critical policy decisions remains unknown,' the Office of Economic Analysis said. 'For example, even preliminary economic impacts from tariffs are unlikely to materialize in vital statistics such as employment or consumer prices for another month or two.' But with the uncertainty underway, economists have highlighted pre-existing challenges in other areas — like the cannabis industry. The forecast reported that Oregon had a record-breaking harvest of more than 5.7 million pounds last October, and the expansive supply has continued to lower prices as businesses see an increase in input costs amid a plateau in consumption. Officials are expecting a 2.5% drop of about $7.6 million in marijuana revenue from 2025-2027. US egg prices fall for the first time in months but remain near record highs Oregon leaders are expected to finalize the budget for the upcoming biennium by the end of the current legislative session, on June 30. 'Oregonians will come together and take care of each other,' Gov. Tina Kotek said, in part, in a statement. 'I am committed to working diligently with the Legislature from now through the end of the session to make hard budget choices and address our challenges head on, despite the dampening of economic growth.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
26-02-2025
- Business
- Yahoo
Looking forward to your tax kicker next year? Forecast shows slight drop in 2026
PORTLAND, Ore. () — The projected kicker for state taxpayers in 2026 has slightly declined since officials last released the Oregon Economic and Revenue Forecast. The Department of Administrative Services unveiled the on Wednesday. According to the Office of Economic Analysis, more than $1.726 billion in refunds are estimated to go to personal income taxpayers in 2026. New exhibition gives closer look at how Oregon topography has changed since early 1900s The projected a return of more than $1.792 billion. A 1979 law established that officials must refund taxpayers if Oregon's actual revenue throughout a two-year period exceeds the estimated amount. In 2024, this led to a . While the latest projections show a massive decline from last year, the new numbers represent less than a 4% drop from the December forecast. The Office of Economic Analysis reported that Oregon's General Fund resources will grow to $38.2 billion — an increase of $350.1 million during the 2025-2027 biennium. Leaders have consequently noted the state's healthy economy. 'Oregon's economy continues to be stable, and now is not the time to get distracted,' Gov. Tina Kotek said, in part, in a statement. 'We must lean in on what we see working when it comes to housing and homelessness, mental health and addiction and education.' However, the new forecast noted federal changes could affect funding. What does it take to be middle class in the Pacific Northwest in 2025? New study explains President Donald Trump's proposal to impose 25% tariffs on imports and exports from Canada and Mexico could hinder some businesses contributing to Oregon's economy, like those in the . The administration has also begun job cuts at the federal level, which has . 'We need to be prepared for economic headwinds created by the federal administration's actions and for potential cuts to federal programs that Oregonians rely on, like Medicaid,' Oregon House Speaker Julie Fahey said in a statement. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
