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 1454-1
A-Engrossed
Senate Joint Resolution 18
Ordered by the Senate August 12
Including Senate Amendments dated August 12
Sponsored by Senator RINGO, Representatives GREENLICK, HASS
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.
{ - Increases limit on property taxes that may be imposed on
property and used to fund public school system. Permits voters of
school district, education service district, community college
district or community college service district to increase
permanent property tax rates. - }
{ + Proposes amendment to Oregon Constitution to establish
reserve fund composed of excess tax revenues collected. Requires
two-thirds majority vote of Legislative Assembly to appropriate
or transfer moneys from fund. + }
Refers proposed amendment to people for approval or rejection
at special election held on same date as next primary election.
JOINT RESOLUTION
Be It Resolved by the Legislative Assembly of the State of
Oregon:
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. + }
----------