Oregon Revision of Personal and Corporate Income Taxes, Measure 1 (October 1963)
The Oregon Revision of Personal and Corporate Income Taxes Bill, also known as Measure 1, was on the October 15, 1963 ballot in Oregon as a veto referendum, where it was defeated, thus overturning the legislation. The measure would have revised the state’s personal and corporate income taxes by abolishing federal tax deductions, lowering personal income tax rates, providing a minimum tax and increasing corporate income tax rates.
|Oregon Measure 1 (October 1963)|
Election results via: Oregon Blue Book
Text of measure
The language appeared on the ballot as:
1. PERSONAL AND CORPORATION INCOME TAX BILL - Purpose: To increase state revenues. Abolishes federal tax deduction. Lowers personal tax rates. Provides minimum tax. Increases corporation rates. Effective on or after January 1, 1963.
ESTIMATE OF FINANCIAL EFFECTS: If Ballot Measure 1 (Chapter 627, Oregon Laws 1963) is approved by the voters
it is estimated that the increase in state revenue over that which would be provided by existing law from personal income taxes will amount to about $24,750,000 per year or $49,500,000 for the biennium and the increase from corporate excise taxes on income will amount to about $350,000 per year or $700,000 for the biennium, based on present levels of income. The Ballot Measure also authorizes a possible "speed-up" of personal income tax payments withheld by employers that would permit an increase in 1963-1965 revenues by $14,000,000, without increasing the tax liability of the personal income tax payer.
If Ballot Measure 1 is defeated, expenditures in the 1963-1965 biennium will need to be reduced by approximately $60 million below the level of appropriations made by the 1963 Legislature, or other revenues must be sought, or some combination of revenue increase and expenditure reduction totaling approximately $60 million must be made in accord with the requirements of Article IX and XI of the Constitution of Oregon.
- Citizens Committee for a Yes Vote on Ballot Measure 1
- State Senator Boyd Overhulse
- State Representative Richard Eymann
- State Representative C.R. Hoyt
- Committee for Economy and Equitable Taxation
- Oregon 1963 ballot measures
- 1963 ballot measures
- List of Oregon ballot measures
- History of Initiative & Referendum in Oregon
- Oregon Blue Book Initiative, Referendum and Recall: 1958-1970
- Oregon State Constitution
- State of Oregon Official Voters' Pamphlet 1963