74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
SA to SJR 3
 
LC 1510/SJR 3-2
 
                      SENATE AMENDMENTS TO
                    SENATE JOINT RESOLUTION 3
 
               By COMMITTEE ON FINANCE AND REVENUE
 
                           February 26
 
  On page 1 of the printed joint resolution, delete lines 3
through 28 and delete page 2 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 - }  { +  deposited into a rainy day savings
account + }.
  ' (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.
  ' (5) The Legislative Assembly may enact laws:
  ' (a) Establishing a tax credit, refund payment or other
mechanism by which the excess revenues are returned to taxpayers,
and establishing administrative procedures connected therewith.
  ' (b) Allowing the excess revenues to be reduced by
administrative costs associated with returning the excess
revenues.
  ' (c) Permitting a taxpayer's share of the excess revenues 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 excess revenues to be
offset by any liability of the taxpayer for which the state is
authorized to undertake collection efforts.
  ' (6)(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, 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.
  ' (7) 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 3 (2007) first applies
to revenues received in the biennium beginning July 1, 2005.
  ' (2) This section is repealed on January 1, 2009. + }
 
  '  { +  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 as
provided in chapter ___, Oregon Laws 2007 (Enrolled Senate Bill
549). + } ' .
                         ----------