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Thursday, November 21, 2024

Oregon sees more individual income tax revenue in Q3 2023

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Betsy Imholt​​​ Director of Oregon Department of Revenue | Oregon Department of Revenue

Betsy Imholt​​​ Director of Oregon Department of Revenue | Oregon Department of Revenue

Oregon collected $3.4 billion in individual income taxes during the third quarter of 2023, a 33.2% increase over the second quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $2.6 billion.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Oregon collected $5 billion in combined tax revenues in the the third quarter of 2023, an increase from the $4.5 billion collected in the previous quarter.

Q3 2023 Oregon Tax Collections
Type of TaxAmount (millions)
Property Taxes$5
Sales and Gross Receipts Taxes$443
Individual Income Taxes$3,421
Corporation Net Income Taxes$485
License Taxes$557
Other Taxes$81
Source: U.S. Census Bureau

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