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Oregon Emergency Reserve Fund Amendment (2012)

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Not on Ballot
Proposed allot measures that were not on a ballot
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A Oregon Emergency Reserve Fund Amendment did not make the November 6, 2012 statewide ballot as a legislatively-referred constitutional amendment. The proposed measure would dedicate a portion of current "kicker" tax rebates to a rainy day fund. Additionally, the measure would include a tax break for long-term capital gains.[1]

According to the Legislative Revenue Office, the proposed tax break would reduce the state's revenues by an estimated $500 million from mid-2013 through mid-2019.[2]

In late May 2011, alternative bills were filed, including:[3]

  • HJR 47 - caps refunds at $500 for a single filer and $1,000 for a joint return; allow rebates to businesses with less than $5 million in sales; all remaining funds would be directed to the general reserve
  • HJR 48 - cap refunds at $250 for a single filer and $500 for a joint return; all remaining funds would be directed into a general reserve.

Background

The "kicker" was added to the Oregon Constitution in 2000.[4] However, the "kicker" has been in state law since 1979. After a two-year budget cycle revenues in excess by 2% or more of the end-of-session projections are used for rebates to Oregon households. A corporate ticker follows the same logic.[5]

In early 2010, following voter-approval of Ballot Measures 66 and 67 Gov. Ted Kulongoski urged lawmakers to ask voters in the November 2, 2010 statewide general election to divert part of excess tax collections into a state reserve fund. "It's time to say enough to budgeting from crisis to crisis, enough to additional tax increases — and enough to a lack of stability in our budgeting process," said the governor. In mid-February 2010, legislators announced that they did not plan to consider the governor's proposed "kicker" ballot measure.

Path to the ballot

See also: Amending the Oregon Constitution

According to Section 1, Article XVIII of the Oregon Constitution it requires a majority vote of both chambers of the Oregon State Legislature to place the amendment proposed by the legislature on the statewide ballot.

See also

External links

Additional reading

References