75th OREGON LEGISLATIVE ASSEMBLY--2009 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 1471
 
                           A-Engrossed
 
                         House Bill 2073
                  Ordered by the House June 12
            Including House Amendments dated June 12
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Revenue)
 
 
                             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.
 
    { - Modifies conditions under which Legislative Assembly may
appropriate moneys from Oregon Rainy Day Fund. Allows
appropriation if approved by three-fifths of members of each
house of Legislative Assembly and Governor declares
emergency. - }
    { - Declares emergency, effective on passage. - }
   { +  Requires, for tax years beginning on or after January 1,
2013, revenue from corporate excise tax in excess of specified
amount and revenue from corporate income tax in excess of
specified amount to be deposited in Oregon Rainy Day Fund. + }
 
                        A BILL FOR AN ACT
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. + }
                         ----------