Proposing amendment to Oregon Constitution relating to surplus revenues.
Catchline/Summary:
Proposes amendment to Oregon Constitution to require calculation of standard deviation in percentage terms for difference between General Fund revenues received by General Fund for biennium and amount estimated to be received for biennium. Proposes amendment to Oregon Constitution to require calculation of standard deviation in percentage terms for difference between General Fund revenues received by General Fund for biennium and amount estimated to be received for biennium.
Provides that revenues received that exceed estimate by two standard deviations or fewer are deposited in Oregon Rainy Day Fund. Provides that revenues received that exceed estimate by more than two standard deviations are returned to taxpayers.
Specifies that revenues that would be deposited in Oregon Rainy Day Fund are returned to taxpayers if amount in Oregon Rainy Day Fund equals at least 20 percent of amount of General Fund revenues collected during prior biennium.
Refers proposed amendment to people for their approval or rejection at next regular general election.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HJR 37 House Committee On Revenue
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