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Thursday, November 21, 2024

Oregon's individual income tax revenue up 12.6% as of Q3 2023 compared to Q3 2022

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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 12.6% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the third quarter of 2022, $3 billion was collected in individual income taxes.

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 state governments.

Overall, Oregon collected $5 billion in combined tax revenues in the third quarter of 2023.

Q3 2023 Oregon Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$5
Sales and Gross Receipts Taxes$443
License Taxes$557
Individual Income Taxes$3,421
Total Income Taxes$3,906
Other Taxes$81

Source: U.S. Census Bureau

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