Chapter 747 Oregon Laws 2009

AN ACT

HB 2073

Relating to Oregon Rainy Day Fund.

Be It Enacted by the People of the State of Oregon:

SECTION 1. Section 2 of this 2009 Act is added to and made a part of ORS chapter 317.

SECTION 2. (1) For tax years beginning on or after January 1, 2013, any revenue that is received as a result of a rate of tax above six and six-tenths percent imposed under this chapter and that is in excess of the revenue that would be received under this chapter at a rate of six and six-tenths percent shall be deposited into the Oregon Rainy Day Fund established by ORS 293.144.

          (2) Before the end of each biennium, beginning with the biennium ending on June 30, 2015, the Department of Revenue shall estimate the revenue described in subsection (1) of this section that is received during the biennium. An amount equal to that estimate shall be transferred into the Oregon Rainy Day Fund established by ORS 293.144 on or before June 30 of each odd-numbered year.

SECTION 3. Section 4 of this 2009 Act is added to and made a part of ORS chapter 318.

SECTION 4. (1) For tax years beginning on or after January 1, 2013, any revenue that is received as a result of a rate of tax above six and six-tenths percent imposed under this chapter and that is in excess of the revenue that would be received under this chapter at a rate of six and six-tenths percent shall be deposited into the Oregon Rainy Day Fund established by ORS 293.144.

          (2) Before the end of each biennium, beginning with the biennium ending on June 30, 2015, the Department of Revenue shall estimate the revenue described in subsection (1) of this section that is received during the biennium. An amount equal to that estimate shall be transferred into the Oregon Rainy Day Fund established by ORS 293.144 on or before June 30 of each odd-numbered year.

Approved by the Governor July 20, 2009

Filed in the office of Secretary of State July 20, 2009

Effective date January 1, 2010

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