72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
SA to SJR 18
LC 1454-1/SJR 18-4
SENATE AMENDMENTS TO
SENATE JOINT RESOLUTION 18
By COMMITTEE ON REVENUE
August 12
On page 1 of the printed joint resolution, delete lines 3
through 30 and delete pages 2 through 9 and insert:
' { + PARAGRAPH 1. + } The Constitution of the State of
Oregon is amended by creating a new section 14a to be added to
and made a part of Article IX, and by amending section 14,
Article IX, such sections to read:
' { + Sec. 14. + } (1) As soon as is practicable after
adjournment sine die of a regular session of the Legislative
Assembly, the Governor shall cause an estimate to be prepared of
revenues that will be received by the General Fund for the
biennium beginning July 1. The estimated revenues from corporate
income and excise taxes shall be separately stated from the
estimated revenues from other General Fund sources.
' (2) As soon as is practicable after the end of the biennium,
the Governor shall cause actual collections of revenues received
by the General Fund for that biennium to be determined. The
revenues received from corporate income and excise taxes shall be
determined separately from the revenues received from other
General Fund sources.
' (3) If the revenues received by the General Fund from
corporate income and excise taxes during the biennium exceed the
amount estimated to be received from corporate income and excise
taxes for the biennium, { - by two percent or more, the total
amount of the excess shall be returned to corporate income and
excise taxpayers. - } { + the amount of revenues received that
exceeds by one percent or more the amount estimated to be
received shall be deposited in a reserve fund. + }
' (4) If the revenues received from General Fund revenue
sources, exclusive of those described in subsection (3) of this
section, during the biennium exceed the amount estimated to be
received from such sources for the biennium, { - by two percent
or more, the total amount of the excess shall be returned to
personal income taxpayers. - } { + the amount of revenues
received that exceeds by one percent or more the amount estimated
to be received shall be deposited in a reserve fund.
' (5) Moneys in the reserve fund shall be invested as provided
by law and are not subject to limitation under section 6, Article
XI of this Constitution.
' (6)(a) If the amount of the reserve fund exceeds 10 percent
of the amount of the General Fund budget approved at the regular
session of the Legislative Assembly for that biennium, the amount
of the reserve fund that exceeds 10 percent of the amount of the
General Fund budget approved at the regular session of the
Legislative Assembly for that biennium shall be returned to
corporate income and excise taxpayers and to personal income
taxpayers in proportion to the amounts contributed to the reserve
fund for the previous biennium under subsections (3) and (4) of
this section.
' (b)(A) Notwithstanding paragraph (a) of this subsection, the
Legislative Assembly, by a two-thirds majority vote of all
members elected to each house, may enact legislation to prevent a
return to taxpayers of all or a portion of the excess revenues
described in paragraph (a) of this subsection.
' (B) The prohibition against declaring an emergency in an act
regulating taxation or exemption in section 1a, Article IX of
this Constitution, does not apply to legislation enacted pursuant
to this paragraph. + }
' { - (5) - } { + (7) + } The Legislative Assembly may enact
laws:
' (a) Establishing a tax credit { + and associated
reimbursement of the General Fund + }, { + a + } refund payment
or { + any + } other mechanism by which the excess
{ - revenues are - } { + amount of the reserve fund is + }
returned to taxpayers, and establishing administrative procedures
connected therewith.
' (b) Allowing the excess { - revenues - } { + amount of
the reserve fund + } to be reduced by administrative costs
associated with returning the excess { - revenues - } { +
amount + }.
' (c) Permitting a taxpayer's share of the excess
{ - revenues - } { + amount of the reserve fund + } not to be
returned to the taxpayer if the taxpayer's share is less than a
de minimis amount identified by the Legislative Assembly.
' (d) Permitting a taxpayer's share of { + the + } excess
{ - revenues - } { + amount of the reserve fund + } to be
offset by any liability of the taxpayer for which the state is
authorized to undertake collection efforts.
' { - (6)(a) - } { + (8)(a) + } Prior to the close of a
biennium for which an estimate described in subsection (1) of
this section has been made, the Legislative Assembly, by a
two-thirds majority vote of all members elected to each
{ - House - } { + house + }, may enact legislation declaring
an emergency and increasing the amount of the estimate prepared
pursuant to subsection (1) of this section.
' (b) The prohibition against declaring an emergency in an act
regulating taxation or exemption in section 1a, Article IX of
this Constitution, does not apply to legislation enacted pursuant
to this subsection.
' { + (9) The Legislative Assembly may enact legislation to
appropriate or transfer any portion of the reserve fund for
general government expenditures if:
' (a) The proposed appropriation or transfer is approved by a
two-thirds majority vote of all members elected to each house of
the Legislative Assembly and the Legislative Assembly finds one
of the following:
' (A) That the last quarterly economic and revenue forecast for
a biennium indicates that moneys available to the state's General
Fund for the next biennium will be at least three percent less
than appropriations from the state's General Fund for the current
biennium;
' (B) That there has been a decline for two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
' (C) That a quarterly economic and revenue forecast projects
that revenues in the state's General Fund in the current biennium
will be at least two percent below what the revenues were
projected to be in the revenue forecast on which the
legislatively adopted budget for the current biennium was based;
or
' (b) The proposed appropriation or transfer is approved by a
two-thirds majority vote of all members elected to each house of
the Legislative Assembly and the Governor declares an
emergency. + }
' { - (7) - } { + (10) + } This section does not apply:
' (a) If, for a biennium or any portion of a biennium, a state
tax is not imposed on or measured by the income of individuals.
' (b) To revenues derived from any minimum tax imposed on
corporations for the privilege of carrying on or doing business
in this state that is imposed as a fixed amount and that is
nonapportioned (except for changes of accounting periods).
' (c) To biennia beginning before July 1, 2001.
' { + SECTION 14a. + } { + (1) The amendment to section 14
of this Article by Senate Joint Resolution 18 (2003) applies to
biennia beginning on or after July 1, 2003.
' (2) This section is repealed June 30, 2007. + }
' { + PARAGRAPH 2. + } { + The amendment proposed by this
resolution shall be submitted to the people for their approval or
rejection at a special election held throughout this state on the
same date as the next primary election. + } ' .
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