Senate Joint Resolution 26

<i>Proposes revision of Oregon Constitution. Directs Legislative Assembly to leave amount unappropriated for biennium if Legislative Assembly determines that percentage increase in available General Fund revenues exceeds increase in rate of population and inflation. Sets amount left unappropriated at percentage difference between increase in revenues available for biennium and population and inflation growth, with three percent maximum. Requires deposit of unappropriated amount in Oregon Rainy Day Fund if General Fund revenues collected equal or exceed revenue estimate for biennium. Requires transfer of lesser of one percent of General Fund appropriations for biennium or ending balance to Oregon Rainy Day Fund.</i>] <i>Establishes Oregon Rainy Day Fund. Sets conditions for appropriation of moneys in fund. Transfers one-half of surplus personal income tax revenues to fund. Returns one-half of surplus personal income tax revenues to personal income taxpayers.</i>] <i>Establishes Oregon Universities Stability Fund. Sets conditions for appropriation of moneys in fund. Transfers surplus corporate income or excise tax revenue to fund.</i>] <b>Proposes amendment to Oregon Constitution establishing Emergency Reserve Fund. Authorizes, upon making certain findings and passing with three-fifths majority vote, Legislative Assembly to appropriate moneys in fund. Limits appropriations that may be made from fund during any one biennium. <b>Provides that surpluses of personal income tax revenues in excess of two percent of forecast revenues are equally deposited in fund and returned to personal income taxpayers. Provides that surpluses of corporate excise or income tax revenues in excess of two percent be deposited in fund.</b> Refers proposed <i>revision</i>] <b>amendment</b> to people for their approval or rejection at next <i>primary</i>] <b>regular general</b> election.

In the Senate

• Frank Morse

  Sponsor

• Ginny Burdick, Chris Telfer, Mark Hass, Chuck Thomsen

  Chief co-sponsors

In the House of Representatives

• Sara Gelser Blouin

  Sponsor

• Tobias Read

  Chief co-sponsor

• Senate committee amendmentAdopted

  Adopted May 9

l9n doesn't hold this bill's text yet.

In the Senate Feb 8 – Jun 30

1. Feb 8Introduced
2. Feb 15Sent to Finance and Revenue
3. Feb 21Heard in Finance and Revenue
4. Apr 6Heard in Finance and Revenue
5. Apr 18Heard in Finance and Revenue
6. May 4Heard in Finance and Revenue
7. May 9Finance and Revenue recommended it as amended
8. Jun 30Died when the session ended