Tags: Oregon | income | taxes | divert

Oregon Bill Would Divert Excess Income Taxes to Reserve Funds

Tuesday, 22 Feb 2011 01:36 PM

Oregon lawmakers are considering a law that would require the state to divert excess income tax collections into reserve funds, the Statesman Journal reported Tuesday. Home Almost everyone who testified at a hearing Monday supported the measure.

However, many are waiting for details before publicly backing it. Any changes are subject to voter approval because the tax collection provisions are written into the state Constitution.

Andy Olson, Oregon, income taxes, divert
Oregon State Rep. Andy Olson
"This measure finds a common ground for fiscal stability between those who believe the solution lies in strict, mandated savings and those who believe the solution is reform of the kicker," state Rep. Andy Olson, a Republican co-sponsor of the bill, told the newspaper.

The complex proposal would divert half of future excess income tax collections, if they exceed budgeted projections by 2 percent or more into a state reserve fund. The other half still would go back to individual taxpayers.
Money would b e returned to tax payers once the reserve fund reached 12 percent of tax-supported general fund, which is the money used to run the day-to-day operations of the state.

© 2015 Newsmax. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved