SALEM, Ore. (AP) — Economists are projecting a slight decrease in state revenue during the two-year budget cycle that began last month.
Oregon’s Office of Economic Analysis said Wednesday it expects the general fund to collect about $40 million less than the previous estimate, made in May.
That’s because the state owed more than expected in corporate and personal income tax refunds.
The change means corporate income tax collections won’t trigger “kicker” rebates, which are paid when income tax collections during a two-year budget cycle exceed projections by at least 2 percent.
The slight downturn in the forecast is unlikely to require any immediate changes to the state budget.
Copyright 2013 The Associated Press.