Relating to state finance; prescribing an effective date.
Catchline/Summary:
Directs Oregon Department of Administrative Services, not later than May 15 of each odd-numbered year, to estimate annual personal income tax liability from taxable capital gains during three consecutive tax years beginning January 1 of even-numbered year falling within immediately preceding biennium. Directs Oregon Department of Administrative Services, not later than May 15 of each odd-numbered year, to estimate annual average revenue received] personal income tax liability from taxable capital gains during two] three consecutive tax years beginning January 1 of even-numbered year falling within immediately preceding odd-numbered year] biennium.
Directs Oregon Department of Administrative Services, not later than June 30 of each odd-numbered year, to calculate excess of amount estimated for most recent two-year period over amount estimated for two-year] three-year period immediately preceding most recent two-year period] beginning in preceding biennium.
Directs Department of Revenue to transfer amount equal to twice amount of any excess to Education Stability Fund.
Directs Department of Revenue to make transfer out of unreceipted revenue and to make first transfer not prior to June 1, 2019.
Directs Oregon Department of Administrative Services to make first estimate not later than May 15, 2017, for three consecutive tax years beginning January 1, 2014.
Takes effect on 91st day following adjournment sine die.
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SB 567
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