Bill Text: OR HB2544 | 2011 | Regular Session | Introduced

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Bill Title: Relating to surtax for implementation of initiatives; prescribing an effective date; providing for revenue raising that requires approval by a three-fifths majority.

Spectrum: Unknown

Status: (Failed) 2011-06-30 - In committee upon adjournment. [HB2544 Detail]

Download: Oregon-2011-HB2544-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 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 1607

                         House Bill 2544

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 as
introduced.

  Requires imposition of surtax on personal income and corporate
income and excise taxpayers if implementation of one or more
initiatives approved by voters requires appropriation that equals
or exceeds certain percentage of combined total of General Fund
revenues and unobligated net lottery proceeds for biennium.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to surtax for implementation of initiatives; prescribing
  an effective date; and providing for revenue raising that
  requires approval by a three-fifths majority.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2011 Act is added to and made
a part of ORS chapter 314. + }
  SECTION 2.  { + (1) As used in this section:
  (a) 'Allocated surtax' means the surtax imposed under
subsections (2) and (3) of this section, allocated and reduced to
a percentage rate as prescribed in subsection (4) of this
section.
  (b) 'Legislatively approved budget' has the meaning given that
term in ORS 291.002.
  (c) 'Qualified initiative' means:
  (A) A law or an amendment to the Oregon Constitution that was
submitted to voters by initiative petition and approved by voters
at an election held on or after the effective date of this 2011
Act; or
  (B) A law described in subparagraph (A) of this paragraph that
is further amended by the Legislative Assembly.
  (d) 'Tax liability' means the total amount of tax imposed on a
taxpayer under ORS chapter 316, 317 or 318 after application of
any applicable tax credit. 'Tax liability' does not include a
minimum tax imposed under ORS 317.090.
  (e) 'Unobligated net lottery proceeds' has the meaning given
that term in ORS 286A.560.
  (2) A surtax is imposed on the tax liability of taxpayers for
tax years beginning on or after January 1 of the two calendar
years following a biennium in which the percentage of the
legislatively approved budget that was appropriated to implement
one or more qualified initiatives equals or exceeds ___ percent
of the combined total of the General Fund revenues and
unobligated net lottery proceeds for that biennium.
  (3) The surtax shall be an amount equal to the amount
appropriated to implement the qualified initiatives in the
biennium described in subsection (2) of this section.
  (4) The Department of Revenue shall allocate the surtax as
follows:
  (a) Between the first and second calendar years following the
biennium described in subsection (2) of this section so that the
allocated surtax has an approximately equal impact on taxpayers
in tax years beginning in each of the two calendar years;
  (b) Between personal income taxpayers, corporate excise
taxpayers and corporate income taxpayers in the proportion that
tax revenues from each group of taxpayers composed the total of
all personal income taxes, corporate excise taxes (other than
minimum taxes) and corporate income taxes for the biennium
described in subsection (2) of this section; and
  (c) For each group of taxpayers for each calendar year, as a
percentage tax rate applicable to the tax liability of the
taxpayer so as to recover the amount of the surtax imposed under
subsections (2) and (3) of this section.
  (5) If the amount recovered under subsection (4) of this
section exceeds the amount of the surtax imposed under
subsections (2) and (3) of this section, the excess shall be
taken into account as a credit against any surtax imposed under
this section in succeeding years. + }
  SECTION 3.  { + This 2011 Act takes effect on the 91st day
after the date on which the 2011 session of the Seventy-sixth
Legislative Assembly adjourns sine die. + }
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