Skip to content

Small Business Comment on Latest Oregon Revenue Forecast

Small Business Comment on Latest Oregon Revenue Forecast

May 17, 2023

Small Business Comment on Latest Oregon Revenue Forecast

FOR IMMEDIATE RELEASE Contact: Anthony Smith, NFIB Oregon State Director, anthony.smith@nfib.org or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org SALEM, Ore., May 17, 2023—From Anthony Smith, Oregon state director for the National Federation of Independent Business (NFIB), on today’s revenue forecast. Every three months, Oregon’s Office of Economic Analysis provides the State Legislature with an update on projected tax revenues. “When projected revenues were up nearly $700 million back in February, NFIB urged the Legislature to take action on opportunities to provide tax relief to small businesses. “Now, state economists have modified their forecast methodology to account for inflationary impacts, resulting in more than $1.8 billion in combined net resources – that’s $2.5 billion in new money that wasn’t available to lawmakers just six months ago. “Now is the time act on estate tax and CAT relief – and the conversation shouldn’t be ‘if’ we help our small businesses retain and reinvest more of the money they earn, but ‘how much.’” Brief Background NFIB supports raising the Corporate Activity Tax (CAT) filing and exemption threshold to reduce the economic impacts of the state’s gross receipts tax, which businesses with sales in Oregon of $1 million or more are required to pay whether they make a profit or not. Public hearings have already been held on HB 2433 and SB 127. NFIB also supports reforming Oregon’s estate tax by increasing its lowest-in-the-nation exemption threshold of $1 million. As a comparison, the federal estate tax exemption threshold is $12.92 million for 2023. Public hearings have already been held on SB 68, SB 456, SB 498, SB 939, and HB 2624. From the Oregon Office of Economic Analysis “One major factor has been the current inflationary environment. The vast majority of Oregon’s taxes are not adjusted to inflation and rise along with prices. With demand outstripping supply, businesses and consumers are paying premiums for their needs. This has translated into a wide range of taxable business and labor income, which has moved many filers into higher tax brackets. The new Corporate Activity Tax, Vehicle Privilege Tax, alcohol, and tobacco taxes have risen with inflation as well. “Inflationary dynamics have not been captured well by Oregon’s revenue models, given that this sort of environment has not existed since years before computerized models have. Oregon’s revenue models have also been refined to better account for fixed tax brackets and federal tax reform.” Keep up with the latest Oregon small-business news at www.nfib.com/oregon and follow us on Twitter at @NFIB_OR ### For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com. National Federation of Independent Business/Oregon 1149 Court Street NE Salem, OR 97301 503-364-4450 www.nfib.com/oregon Twitter: NFIB_OR
Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

February 17, 2025
Watch Now: NFIB Unpacks Gov. Shapiro Budget Proposal
Hear from NFIB’s Greg Moreland on what the proposal includes for small bu…
Read More
February 15, 2025
Bad Age-Discrimination Bill Resurfaces. Flurry of Activity on E…
State Director Anthony Smith reports from Salem on the small business agend…
Read More
February 14, 2025
Bipartisan Deal Struck to Save Tipped Wages – Earned Sick Tim…
ESTA and tipped wages legislative update
Read More
February 12, 2025
Small Business Owners Applaud Governor Morrisey’s Commitment…
Gov. Morrisey delivered his first State of the State address
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility