Bill Text: OR SJR30 | 2011 | Regular Session | Introduced

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Bill Title: Proposing amendment to Oregon Constitution relating to Oregon Rainy Day Fund.

Spectrum: Committee Bill

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SJR30 Detail]

Download: Oregon-2011-SJR30-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 3597

                   Senate Joint Resolution 30

Sponsored by COMMITTEE ON FINANCE AND 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.

  Proposes amendment to Oregon Constitution to create Oregon
Rainy Day Fund. Sets conditions for appropriation of moneys in
fund. Transfers surplus personal income tax revenues that do not
exceed six percent of revenue estimate to fund. Transfers surplus
personal income tax revenues exceeding six percent of revenue
estimate to taxpayers.
  Repeals corporate kicker provision.
  Transfers amount equal to ___ percent of personal income tax
revenue attributable to net capital gain to Oregon Rainy Day
Fund.
  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 new sections 14a, 15, 16 and 16a to be added to and
made a part of Article IX, and by amending section 14, Article
IX, such sections to read:
   { +  SECTION 15. + }  { + (1) The Oregon Rainy Day Fund is
established as an account in the General Fund.
  (2) The Legislative Assembly may appropriate moneys from the
Oregon Rainy Day Fund only if the appropriation is approved by
three-fifths of the members serving in each house of the
Legislative Assembly and the Legislative Assembly finds one of
the following:
  (a) That the last quarterly economic and revenue forecast for a
biennium indicates that moneys available to the General Fund for
the next biennium will be at least three percent less than
appropriations from the General Fund for the current biennium;
  (b) That there has been a decline for two or more consecutive
quarters in the last 12 months in seasonally adjusted nonfarm
payroll employment; or
  (c) That a quarterly economic and revenue forecast projects
that revenues in the General Fund in the current biennium will be
at least two percent below what the revenues were projected to be
in the revenue forecast on which the legislatively adopted budget
for the current biennium was based.
  (3) Once each month, in the manner provided by law, a state
agency designated by law shall calculate the amount of General
Fund interest that is attributable to moneys in the Oregon Rainy
Day Fund. Except as provided in subsection (5) of this section,
the State Treasurer shall transfer the amount calculated under
this subsection to the Oregon Rainy Day Fund.
  (4) The Legislative Assembly may not appropriate for any one
biennium more than two-thirds of the amount that is in the Oregon
Rainy Day Fund at the beginning of that biennium. If the
appropriation is for a biennium that has not yet begun, the
Legislative Assembly may use as the base the most recent estimate
of the amount that will be in the Oregon Rainy Day Fund at the
beginning of the biennium for which the appropriation is made.
  (5) If the moneys in the Oregon Rainy Day Fund just prior to
the time of a transfer scheduled under subsection (3) of this
section or section 14 or 16 of this Article equal at least 12
percent of the amount of General Fund revenues collected during
the prior biennium, moneys that would otherwise be transferred to
the Oregon Rainy Day Fund under subsection (3) of this section or
section 14 or 16 of this Article shall be deposited in the
General Fund.
  (6) If the moneys in the Oregon Rainy Day Fund just prior to
the time of a transfer scheduled under subsection (3) of this
section or section 14 or 16 of this Article do not equal at least
12 percent of the amount of General Fund revenues collected
during the prior biennium, the transfer to the Oregon Rainy Day
Fund shall be made regardless of whether that transfer increases
the amount in the Oregon Rainy Day Fund to at least 12 percent of
the amount of General Fund revenues collected during the prior
biennium.
  (7) As used in this section, 'legislatively adopted budget '
means the budget enacted by the Legislative Assembly during a
regular session. + }
   { +  SECTION 16. + }  { + Except as provided in section 15 of
this Article, on or before July 1 of each year, a state agency
designated by law shall:
  (1) For tax years beginning on or after January 1 of the
preceding year and ending before January 1 of the current year,
estimate the amount of personal income tax revenue received by
this state that is attributable to net capital gain; and
  (2) Transfer an amount equal to ___ percent of the estimate
required under subsection (1) of this section to the Oregon Rainy
Day Fund established in section 15 of this Article. + }
   { +  Sec. 14. + } (1) As soon as is practicable after
adjournment sine die of an odd-numbered year 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) Subject to section 15 of this Article:
  (a) If the revenues received from General Fund revenue sources,
exclusive of corporate excise and income taxes, during the
biennium exceed the amount estimated to be received from such
sources for the biennium, to the extent that the excess does not
exceed six percent of the estimate, the excess shall be
transferred to the Oregon Rainy Day Fund established by section
15 of this Article.
  (b)  + }If the revenues received from General Fund revenue
sources, exclusive of   { - those described in subsection (3) of
this section - }  { +  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 { +  than six percent + }, the total amount of the excess
 { + above six percent + } 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 - }  { +  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, - }  { +  of this Article + } does not
apply to legislation enacted pursuant to this subsection.
    { - (7) - }   { + (6) + } 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) - }   { + (b) + } To biennia beginning before July 1,
2001.
   { +  SECTION 14a. + }  { + (1) Section 15 of this Article and
the amendment to section 14 of this Article by Senate Joint
Resolution 30 (2011) apply to biennia beginning on or after July
1, 2011.
  (2) This section is repealed on June 30, 2015. + }
   { +  SECTION 16a. + }  { + (1) The estimates and transfers
required by section 16 of this Article shall begin July 1, 2012.
  (2) Section 16 of this Article applies to tax years beginning
on or after January 1, 2011.
  (3) This section is repealed on June 30, 2015. + }

  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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