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Wednesday, December 4, 2024

Individual income tax revenue up 165.1% from previous quarter in Oregon

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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 $2.3 billion in individual income taxes during the second quarter of 2024, a 165.1% increase over the first quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $868 million.

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 $4.3 billion in combined tax revenues in the second quarter of 2024, an increase from the $2 billion collected in the previous quarter.

Q2 Oregon Tax Collections
Type of TaxAmount (millions)
Property Taxes$3
Sales and Gross Receipts Taxes$859
Individual Income Taxes$2,301
Corporation Net Income Taxes$674
License Taxes$332
Other Taxes$118
Source: U.S. Census Bureau

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