Proposes amendment to Oregon Constitution to eliminate surplus 'kicker' refund of corporate income and excise taxes that exceed estimate of corporate income and excise tax revenues by two percent or more.


 
 
 
     74th OREGON LEGISLATIVE ASSEMBLY--2007 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 1510
 
                    Senate Joint Resolution 3
 
Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Senate Interim Committee on
  Educational Excellence)
 
 
                             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.
 
  Proposes amendment to Oregon Constitution to eliminate surplus
'kicker' refund of corporate income and excise taxes that exceed
estimate of corporate income and excise tax revenues by two
percent or more.
  Refers proposed amendment to people for their approval or
rejection at next regular general 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. - }
    { - (4) - }  { +  (3) + } If the revenues received from
General Fund revenue sources, exclusive of   { - those described
in subsection (3) of this section - }  { +  revenues received
from corporate income and excise taxes + }, 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) - }  { +  (4) + } 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) - }  { +  (5)(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) - }  { +  (6) + } This section does not apply
 { - : - }
    { - (a) If - }  { +  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) applies to
biennia beginning on or after July 1, 2007.
  (2) This section is repealed on January 1, 2013. + }
 
  PARAGRAPH 2.  { + The amendment proposed by this resolution
shall be submitted to the people for their approval or rejection
at the next regular general election held throughout this
state. + }
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