Relating to state finance; prescribing an effective date.
Catchline/Summary:
Directs, for biennia beginning on or after July 1, 2013, Legislative Assembly to leave amount unappropriated for biennium if Legislative Assembly determines that percentage increase in available General Fund revenues is greater than increase in personal income growth. Directs, for biennia beginning on or after July 1, 2013, Legislative Assembly to leave amount unappropriated for biennium if Legislative Assembly determines that percentage increase in available General Fund revenues is greater than increase in personal income growth. Sets amount left unappropriated at percentage difference between increase in revenues available for biennium and personal income growth, with three] two percent maximum.
Specifies that if Legislative Assembly determines that percentage increase in available General Fund revenues is greater than amount of personal income growth plus amount left unappropriated, Legislative Assembly must leave one-half of excess unappropriated. Allows use of remaining excess for general governmental purposes] may appropriate specified amount for general government purposes.
Requires deposit of certain] unappropriated amounts in Oregon Rainy Day Fund] Emergency Reserve Fund established in Senate Joint Resolution 26 (2011) if General Fund revenues collected equal or exceed revenue estimate for biennium. Allows Legislative Assembly to deposit other unappropriated amounts in Oregon Rainy Day Fund, to appropriate amounts to reduce state bond debt or to pay for capital construction or other nonrecurring expenses.]
Declares emergency, effective on passage.]
Implements Senate Joint Resolution 26 (2011) by changing statutory references to Oregon Rainy Day Fund to Emergency Reserve Fund. Repeals obsolete statutory provisions relating to Oregon Rainy Day Fund. Provides that surpluses of personal income tax revenues in excess of two percent of forecast revenues are equally deposited in Emergency Reserve Fund and returned to personal income taxpayers. Provides that surpluses of corporate excise or income tax revenues in excess of two percent be deposited in Emergency Reserve Fund.
Takes effect only if Senate Joint Resolution 26 is approved by people at next regular general election. Takes effect on effective date of constitutional amendment proposed in Senate Joint Resolution 26 (2011).
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