Oregon Income Tax Rates for 2024

Capital gains in Oregon are subject to the oregon state income tax normal personal income tax rates. That means capital gains can be taxed at a rate as high as 9.9%, depending on your total income. “Today’s revenue forecast paints a rosy picture for the state budget, but we know that many family budgets are still stretched thin from years of inflation,” said Leader Drazan.

‘Kicker’ tax rebate, lately a guarantee for Oregon taxpayers, may soon be few and far between

• Releasing his first-ever quarterly revenue forecast, newly hired State Economist Carl Riccadonna predicted the state would haul in nearly $950 million more in the current two-year budget period than previously estimated.
• One factor, Riccadonna said, is that the economic forecast was simply too pessimistic.
• Oregon taxpayers can check the status of their state refunds online.
• If your state tax witholdings are greater then the amount of income tax you owe the state of Oregon, you will receive an income tax refund check from the government to make up the difference.
• Oregon has a progressive income tax that ranks among the highest in the nation.

And when asked where his mandate came from — who gave him the mission of correcting the forecast — he said it was just good practice. OEA also more tightly aligned the state’s revenue forecast and national economic trends, they said. “The reason for these methodology changes is because the historic forecast errors have increased in magnitude and shown a persistent bias since 2009,” the office said in a statement. In delivering their latest forecast to lawmakers on Wednesday, the state’s Office of Economic Analysis took a “modified analytical approach,” they said in a statement. They’d gone back through the past few years and looked for reasons why their forecasts have come in so low compared to the reality — something that’s been an issue, to varying degrees, for over a decade. All of this may change now that Oregon’s hired a state economist, who is reforming the model his office uses to predict the state’s finances.

Oregon Kids Credit

Part-year residents figure Oregon estimated tax the same way as a nonresident for the part of the year that they’re a nonresident, and the same way as a full-year resident for the part of the year that they’re a resident. The next forecast report will be released in February, but lawmakers are scheduled to convene again in December for interim Legislative Days committee hearings. From 1979 to 2009 the average error in close of session forecasts was 0.8%.

• “Although the current forecast is strong and our reserves are healthy, potential changes at the federal level create uncertainty,” Fahey said.
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• As a result, more than $1 billion would flow to K-12 schools as a result of Oregon’s corporate kicker, which sends excess corporate tax revenue to education.
• There is no property tax on household furnishings, personal belongings, automobiles, crops, orchards or business inventories.
• State economists estimate taxpayers could now see a $1.8 billion “kicker” in 2026 — up from an earlier forecast of nearly $1 billion.
• You may qualify for itemized deductions if the total amount is greater than what you’d receive from the current standard deduction.

Personal income tax rate charts and tables

Because of the inherently local nature of property tax collections in Oregon, rates vary significantly between counties. “This is a lot of money from Oregonians, for government to use wisely, to meet its duty to Oregonians themselves,” Drazan said. “It’s time for government to do its part by improving efficiency, strengthening transparency and providing excellent service. This is not the time for politicians to ignore agency failures, and then push new fees or increased taxes.” State economists estimate taxpayers could now see a $1.8 billion “kicker” in 2026 — up from an earlier forecast of nearly $1 billion. As of this most recent forecast, Oregon taxpayers are expected to get $1.79 billion back from the kicker in 2026, as a return on their 2025 contribution margin taxes. If past years are any example, that’s likely to go up between now and next June.

• If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• “Oregonians should know that even if there is instability at the federal level, here in Oregon there are responsible, focused leaders who will be steady hands at the wheel.”
• Download Publication OR-ESTIMATE​​, for more information about estimated personal income tax payments.
• However, income tax rates are higher in the Beaver State than in many other parts of the U.S.
• From tax years 2015 to 2025, kicker credits have totaled $11.8 billion, economists said.
• Oregon offers tax deductions and credits to reduce your tax liability, including deductions for qualifying medical and dental expenses and real estate taxes.

Profit and prosper with the best of Kiplinger’s advice on investing, taxes, retirement, personal finance and much more. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail. Additionally, heirs could face big tax bills in Oregon since there is a state estate tax, but estates worth less than $1 million aren’t taxed. View how much tax you may pay in other states based on the filing status and state entered above. Note that these are marginal rates, so they only apply to the portion of the estate falling within that bracket. A .gov website belongs to an official government organization in the United States.

• For all of the tax forms we provide, visit our Oregon tax forms library or the ‘s tax forms page.
• You can save time and money by electronically filing your Oregon income tax directly with the .
• The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Oregon’s and may have different rules.
• If approved for the program, you will borrow money from the State of Oregon to pay your county property taxes.
• Republicans, meanwhile, expressed concerns about lower kicker payments if the state more accurately models revenue.
• Each county assessor prepares his county’s assessment roll, which is a listing of all taxable property as of Jan. 1 of each year.

In Oregon, the average property tax rate as a percentage of assessed home value is 0.77% according to the Tax Foundation. Oregon has a graduated state individual income tax ranging from 4.75% to 9.9%, according to the Tax Foundation. You can deduct only the amount that’s equal to the gambling winnings you reported https://www.bookstime.com/ for the current tax year. In this case, you can deduct any claim right of income repayments over $3,000. Oregon does not collect sales taxes of any kind, at the state or local level. ​You can drop off your tax form and make non-cash payments in person at our main office in Salem or at one of our regional field offices in Bend, Eugene, Gresham, Medford, or Portland.