Fiscal cliff deal to cost Oregon $13M

Fiscal cliff deal to cost Oregon $13M

Oregon stands to lose $1.8 million in revenue for the current tax year and $13.3 million in the next two years from the fiscal cliff tax deal.

If tax policy remains stable, the state could recoup those losses as changes to the federal child tax credit kick in, leading to a $28.5 million boost in revenue.

None of these hits to income tax amount to huge holes for the legislature to fill. Oregon collects $5 billion in income tax each year. But any change to the state's fiscal situation can color discussions in the legislature when it comes funding schools and other services.


{biztweet}fiscal cliff{/biztweet}