On February 7, the Revenue Forecast was released by the Office of Economic Analysis for the Senate and House Revenue Committees. Continuing the trend seen, remarkably, throughout the interim, Oregon’s legislators continue to have more funds at their disposal for the large number of budget asks during the 2024 Legislative Session.
Legislators will enjoy $560 million more in resources available in this biennium versus the December forecast, primarily due to unspent funds from the last biennium. Overall, budget writers have over $1 billion in additional revenue to utilize compared to what was forecast at the end of the 2023 Legislative Session.
State economists noted traditional corporate taxes and estate taxes have continued to exceed projected revenue expectations. Of note, revenues were revised downward for the ‘vices’ – liquor, tobacco, and marijuana. Forecasted revenue was projected downward for those areas.
For more information:
March 2024 Revenue Forecast Presentation
Office of Economic Analysis Full Revenue Forecast – March 2024
Legislative Calendar
Monday, February 5 – 2024 Legislative Session Convenes
Wednesday, February 7 – Revenue Forecast
Monday, February 12 – Posting Work Session Deadline
Monday, February 19 – 1st Chamber Deadline
Friday, February 23 – Posting Work Session Deadline
Thursday, February 29 – 2nd Chamber Deadline
Sunday, March 10 – Constitutional Sine Die
Tuesday, March 12 – Filing Day
Content provided by Salem Chamber contract lobbyist Bravio Communications.