Oregon Transfer "Kicker" Funds to Rainy Day Fund Initiative (2012)
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Text of measure
The official ballot title was:
Result of "Yes" Vote: "Yes" vote transfers the corporate income and excise tax "kicker" refund (awarded when the revenue exceeds specified estimated collections) to the Oregon Rainy Day Fund.
Result of "No" Vote: "No" vote retains existing corporate income and excise tax "kicker" that requires refunds to corporations when revenue exceeds estimated collections by two percent or more.
Summary: Amends constitution. Before each biennium, the governor must prepare an estimate of revenues expected to be received by the General Fund for the next biennium. The General Fund is the primary funding source for schools, prisons, social services, other state-funded programs/services. Current law requires an automatic "kicker" refund of corporate income and excise tax revenue when that revenue exceeds estimated collections by two percent or more. Measure transfers the corporate income and excise tax "kicker" refund (that currently is refunded to corporations) to the Oregon Rainy Day Fund for use in future economic downturns. Measure does not challenge constitutional personal income tax "kicker" provision requiring refunds to individuals when personal income tax revenue exceeds estimated revenues by two percent or more. Other provisions.
The campaign for the measure has received substantial financial support from several unions, including the Service Employees International Union and the American Federation of State, County and Municipal Employees, who donated $100,000 each in late April.
Path to the ballot
- See also: Oregon signature requirements
In order to qualify for the ballot, supporters were required to collect a minimum of 116,283 valid signatures by July 6, 2012.