Oregon Corporate Income Tax Amendment (2010)

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Oregon Corporate Income Tax Amendment, also known as Initiative 3, did not appear on the November 2, 2010 statewide ballot in Oregon as an initiated constitutional amendment.

As of July 2, the state's petition drive deadline, no signatures were submitted in an effort to qualify the measure for the ballot.

Ballot summary

The ballot title read as follows:[1]

Amends Constitution: Eliminates requirement that corporate income/excise tax revenues exceeding estimate be refunded to corporate taxpayers.

Result of "Yes" Vote: "Yes" vote eliminates constitutional provision requiring that corporate income/excise tax revenues exceeding estimated revenues for two-year budget period be refunded to corporate taxpayers.

Result of "No" Vote: "No" vote retains constitutional provision requiring that corporate income and excise tax revenues in excess of estimated corporate tax revenues be refunded to corporate taxpayers.

Summary: Amends Constitution. Currently, Constitution requires state to estimate corporate income/excise tax revenues each two-year budget period. If actual corporate income/excise tax revenues exceed estimated revenues by two percent or more, state must refund all revenues in excess of estimate to corporate taxpayers. A statute also requires revenues exceeding estimated revenues to be "credited to" corporate taxpayers, when revenues exceed estimated by two percent or more. Measure eliminates constitutional refund requirement. Measure does not affect statutory "credit" requirement. Measure does not affect constitutional requirement that general fund revenues, excluding corporate income/excise estimated revenues by two percent or more. Applies to budget periods beginning on/after July 1, 2009. Other provisions.

Path to the ballot

See also: Oregon signature requirements

Petitions for an initiated constitutional amendment required eight percent of 1,379,475, or 110,358 signatures. The deadline for filing signatures for the November 2, 2010 ballot was July 2, 2010. As of July 2 no signatures were submitted in an effort to qualify the measure for the ballot.

See also

External links

References