Oregon's economy remains strong, state economists said. The general fund for 2015-17 will be $18.48 billion, an increase of nearly 15 percent from the previous two-year cycle.
By law, when actual tax receipts exceed the state economists' forecast by more than 2 percent, the excess is "kicked" back to taxpayers. The state used to send back cash, but now the amount is returned to taxpayers in the form of a credit against future taxes owed.
Here's what the numbers look like:
The state will return $464 million in the form of credits. That's a big number but less than half the $1.1 billion it returned in 2007-09.
In the recently completed session, lawmakers voted to increase the provider tax paid by hospitals and other medical industry payers by $670 million in order to balance the budget—now it will give most of that money back to individuals.
Gov. Kate Brown applauded the growth in the state's economy, noting that recent federal statistics show Oregon had the greatest percentage increase in employment of any state.
"Oregon continues to show the world that our state is a great place to live, visit, and do business. Oregon businesses and workers develop world-class products and ideas—and that's something to celebrate," Brown said in a statement. "But we can't rest on our laurels. There's still a lot of work to do to make sure our economy improves for everyone—particularly for rural communities and underserved populations."