To help offset high state income taxes, Oregon taxpayers can deduct up to $6,100 of Federal income tax from their Oregon taxable income. Oregon’s maximum marginal income tax rate is normal balance the 1st highest in the United States, ranking directly below Oregon’s %. You can learn more about how the Oregon income tax compares to other states’ income taxes by visiting our map of income taxes by state. Shareholders who meet Oregon filing requirements must file an Oregon tax return.

Personal Income Tax

• To put this in perspective, a 10% increase in Oregon’s manufacturing output would produce more than 65,000 jobs, an additional $8.9 billion in state GDP and about $800 million annually in state and local government revenue.
• The path from gross wages to net wages (or take home pay) doesn’t really change much.
• The scores of fourth graders participating in the 2022 National Assessment of Educational Progress were among the nation’s lowest in math and reading.
• Population growth is the main reason Oregon’s economy outperforms the typical state, according to the state Office of Economic Analysis, which produces quarterly economic and revenue forecasts.
• Oregon’s tech sector produced almost 11% of the state’s gross domestic product in 2022, the sixth highest ratio in the country.

Any form or publication from the current or prior years can be oregon state income tax found in this area. To the extent that a work-from-home culture can be considered a competitive advantage, it certainly is in Oregon, partially mitigating some of the effects of the state’s low per-capita spending on road improvement. At 3.8%, the share of commuters who use public transportation in the Portland area is very high, at least relative to other large metropolitan areas. Even there, however, more than 79% of commuters use single-occupancy vehicles. To the vast majority of commuters, adequate road infrastructure remains critical.

Forms and Publications

The tax burden faced by businesses has risen even higher in Portland thanks to several city, county and regional taxes. These include a city gross receipts tax on businesses, an increase in Multnomah County’s business income tax rate, a Metro regional government income tax as well as multiple property taxes. Combined, they have increased local taxes paid by Portland businesses by 32%.

State Tax Competitiveness Index

• Corporate tax payments are up, too, but Oregon’s general fund relies primarily on personal income taxes.
• To e-file your Oregon and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS.
• Yes, small businesses in Oregon are required to pay estimated taxes if they expect to owe more than $500 in state income tax for the year.
• Even more worrisome is the fact that Oregon’s tax burden on both businesses and individuals has grown rapidly in recent years, triggering a corresponding decline in the state’s economic competitiveness.
• Oregon’s businesses also invest heavily in the state’s schools, and they want their tax dollars to be spent effectively.

You must file an amended return within two years of the date of the federal report to receive a refund. S corporations and other pass-through entities with nonresident shareholders or owners may have more filing and payment requirements. The income or loss of an S corporation is reported to each shareholder on federal form Schedule K-1. All insurance companies required to file must do so on a calendar year basis and are subject to the minimum tax. The manufacturing component of the state’s tech sector plays a disproportionately large role, producing significantly more jobs than any other component. On a nationwide basis, tech manufacturing jobs are exceeded both by telecommunications/internet services jobs and IT services and custom software jobs.

Estimated taxes

The graphic above, based on information contained in the Oregon Competitiveness Book and the U.S. Energy Information https://x.com/bookstimeinc Administration, provides two perspectives on Oregon’s energy landscape. One set of data, from 2022, breaks down electricity generation in Oregon by source. And many employers use natural gas and petroleum products as well.