Oregon’s economy is up, but tax revenue is flat. That’s what the Oregon Legislature has discovered. They received the first state economic forecast for 2014 Wednesday. The Statesman-Journal reports lawmakers will have $14.8 million more in this year’s budget. That sounds like a lot, but it’s a pittance compared to the $90 million deficit in the Department of Corrections budget or the $1 billion one the Oregon Health Authority will face in 2015.
The report shows Oregon is experiencing the best growth it’s seen since the early ’90s, but overall there are some weird patterns developing. Personal income tax revenue is up, but corporate tax revenue is down as much as 40 percent over the last year. Capital gains revenue isn’t keeping pace with the bull stock market, either, and lottery revenues are lower.
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