Relating to taxation; creating new provisions; amending ORS 317.850 and 318.070; and providing for revenue raising that requires approval by a three-fifths majority.

 
 
 
     72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2852
 
                         House Bill 3057
 
Sponsored by COMMITTEE ON REVENUE
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Increases corporate excise and income tax rates for tax years
beginning on or after January 1, 2004, and before January 1,
2008.  Dedicates net revenue from tax to higher education,
community colleges, including workforce development, and student
financial assistance.
 
                        A BILL FOR AN ACT
Relating to taxation; creating new provisions; amending ORS
  317.850 and 318.070; and providing for revenue raising that
  requires approval by a three-fifths majority.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Sections 2 and 3 of this 2003 Act are added to
and made a part of ORS chapter 317. + }
  SECTION 2.  { + In addition to and not in lieu of the tax
imposed under this chapter at the rate prescribed in ORS 317.061,
there shall be an additional tax imposed by and computed under
this chapter at a rate of one percent. + }
  SECTION 3.  { + The net revenue from the tax imposed under this
chapter at the rate prescribed in section 2 of this 2003 Act,
after deduction of refunds, shall be paid over to the State
Treasurer and held in the General Fund. Such revenue is dedicated
to the following purposes:
  (1) Sixty percent of the net revenue to higher education,
including higher education capital improvements and engineering
enhancements;
  (2) Thirty-five percent of the net revenue to community
colleges and workforce development; and
  (3) Five percent of the net revenue to student financial aid
administered by the Oregon Student Assistance Commission. + }
  SECTION 4.  { + Sections 2 and 3 of this 2003 Act apply to tax
years beginning on or after January 1, 2004, and before January
1, 2008. + }
  SECTION 5. ORS 317.850 is amended to read:
  317.850. The net revenue from the tax imposed by this chapter,
 { + exclusive of the tax imposed at the rate prescribed in
section 2 of this 2003 Act and + } after deduction of refunds,
shall be paid over to the State Treasurer and held in the General
Fund as miscellaneous receipts available generally to meet any
expense or obligation of the State of Oregon lawfully incurred. A
working balance of unreceipted revenue from the tax imposed by
this chapter may be retained for the payment of refunds, but such
working balance shall not at the close of any fiscal year exceed
the sum of $500,000.
  SECTION 6.  { + The amendments to ORS 317.850 by section 5 of
this 2003 Act apply to tax years beginning on or after January 1,
2004. + }
  SECTION 7. ORS 317.850, as amended by section 5 of this 2003
Act, is amended to read:
  317.850. The net revenue from the tax imposed by this chapter,
 { - exclusive of the tax imposed at the rate prescribed in
section 2 of this 2003 Act and - }  after deduction of refunds,
shall be paid over to the State Treasurer and held in the General
Fund as miscellaneous receipts available generally to meet any
expense or obligation of the State of Oregon lawfully incurred. A
working balance of unreceipted revenue from the tax imposed by
this chapter may be retained for the payment of refunds, but such
working balance shall not at the close of any fiscal year exceed
the sum of $500,000.
  SECTION 8.  { + The amendments to ORS 317.850 by section 7 of
this 2003 Act apply to tax years beginning on or after January 1,
2008. + }
  SECTION 9.  { + Sections 10 and 11 of this 2003 Act are added
to and made a part of ORS chapter 318. + }
  SECTION 10.  { + In addition to and not in lieu of the tax
imposed under this chapter at the rate prescribed in ORS 318.020,
there shall be an additional tax imposed by and computed under
this chapter at a rate of one percent. + }
  SECTION 11.  { + The net revenue from the tax imposed under
this chapter at the rate prescribed in section 10 of this 2003
Act, after deduction of refunds, shall be paid over to the State
Treasurer and held in the General Fund. Such revenue is dedicated
to the following purposes:
  (1) Sixty percent of the net revenue to higher education,
including higher education capital improvements and engineering
enhancements;
  (2) Thirty-five percent of the net revenue to community
colleges and workforce development; and
  (3) Five percent of the net revenue to student financial aid
administered by the Oregon Student Assistance Commission. + }
  SECTION 12. ORS 318.070 is amended to read:
  318.070. The net revenue from the tax imposed by this
chapter { + , exclusive of the tax imposed at the rate prescribed
under section 10 of this 2003 Act and after deduction of
refunds, + } shall be paid over to the State Treasurer and held
in the General Fund as miscellaneous receipts available generally
to meet any expense or obligation of the State of Oregon lawfully
incurred. A working balance of unreceipted revenue from the tax
imposed by this chapter may be retained by the Department of
Revenue for the payment of refunds, but such working balance
shall not at the close of any fiscal year exceed the sum of
$50,000.
  SECTION 13.  { + The amendments to ORS 318.070 by section 12 of
this 2003 Act apply to tax years beginning on or after January 1,
2004. + }
  SECTION 14. ORS 318.070, as amended by section 12 of this 2003
Act, is amended to read:
  318.070. The net revenue from the tax imposed by this chapter,
 { - exclusive of the tax imposed at the rate prescribed under
section 10 of this 2003 Act and - }  after deduction of refunds,
shall be paid over to the State Treasurer and held in the General
Fund as miscellaneous receipts available generally to meet any
expense or obligation of the State of Oregon lawfully incurred. A
working balance of unreceipted revenue from the tax imposed by
this chapter may be retained by the Department of Revenue for the
payment of refunds, but such working balance shall not at the
close of any fiscal year exceed the sum of $50,000.
 
  SECTION 15.  { + The amendments to ORS 318.070 by section 14 of
this 2003 Act apply to tax years beginning on or after January 1,
2008. + }
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