Oregon Transfer "Kicker" Funds to Rainy Day Fund Initiative (2012)

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A Oregon Transfer "Kicker" Funds to Rainy Day Fund Initiative, also known as Initiative 31, may appear on the November 6, 2012 statewide ballot as an initiated constitutional amendment.

Text of measure

The official ballot title is:

Amends Constitution: Transfers the corporate income and excise tax "kicker" refund to the Oregon Rainy Day Fund

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.

Support

The campaign for the measure has received substantial financial support from several union, 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 are required to collect a minimum of 116,283 valid signatures by July 6, 2012.

See also

• Oregon 2012 ballot measures
• 2012 ballot measures

References

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