2019 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 316 - Personal Income Tax
Section 316.502 - Distribution of revenue to General Fund; working balance; refundable credit payments.
(1) The net revenue from the tax imposed by this chapter, after deducting refunds and amounts described in ORS 285B.630 and 285C.635, shall be paid over to the State Treasurer and held in the General Fund as miscellaneous receipts available generally to meet any expense or obligation of the State of Oregon lawfully incurred.
(2) A working balance of unreceipted revenue from the tax imposed by this chapter may be retained for the payment of refunds, but such working balance shall not at the close of any fiscal year exceed the sum of $1 million.
(3) Moneys are continuously appropriated to the Department of Revenue to make:
(a) The refunds authorized under subsection (2) of this section; and
(b) The refund payments in excess of tax liability authorized under ORS 315.174, 315.262, 315.264 and 315.266 and section 17, chapter 906, Oregon Laws 2007. [1969 c.493 §70; 1977 c.761 §2; 2003 c.473 §12; 2005 c.826 §§4,4a; 2005 c.832 §§55,60; 2007 c.843 §§84,85,86,87; 2007 c.868 §§6,6a,7,7a; 2007 c.906 §§19,19a,20,20a; 2011 c.83 §17; 2013 c.722 §53; 2013 c.750 §47; 2013 c.763 §7; 2015 c.701 §4]
Note: Sections 13 and 14, chapter 105, Oregon Laws 2018, provide:
Sec. 13. Transfer of excess capital gains revenue above forecast. (1) Not earlier than July 1 and not later than October 1 of the years 2019, 2021 and 2023, the division of the Oregon Department of Administrative Services that serves as office of economic analysis shall:
(a) Calculate the rate of change in the tax liability from personal income taxes on taxable capital gains during the five preceding biennia; and
(b) Use the rate of change calculated under paragraph (a) of this subsection to forecast the tax liability from personal income taxes on taxable capital gains for the biennium beginning on July 1 of the year in which the calculation is made.
(2) Not later than November 1 of the odd-numbered year following each calculation under subsection (1) of this section, the Oregon Department of Administrative Services, in consultation with the Department of Revenue, shall estimate the tax liability from personal income taxes on taxable capital gains for the previous biennium.
(3) Not later than November 30 of the odd-numbered year in which the estimate is made under subsection (2) of this section, the Oregon Department of Administrative Services, in consultation with the Department of Revenue, shall determine whether the tax liability from personal income taxes on capital gains estimated under subsection (2) of this section, less any amount required to be returned to taxpayers under ORS 291.349, exceeds the tax liability from personal income taxes on taxable capital gains forecasted under subsection (1) of this section.
(4) Except as provided in subsection (5) of this section, on the last business day of the odd-numbered year in which the estimate is made under subsection (2) of this section, the Department of Revenue shall transfer an amount equal to 25 percent of any excess calculated under subsection (3) of this section to the School Districts Unfunded Liability Fund established in section 24, chapter 105, Oregon Laws 2018.
(5) The Department of Revenue may not make a transfer under subsection (4) of this section if:
(a) The Legislative Assembly has appropriated moneys from the Oregon Rainy Day Fund under ORS 293.144 on or after June 2, 2018; or
(b) The Public Employees Retirement System is more than 90 percent funded as determined in accordance with rules adopted by the Public Employees Retirement Board.
(6) The Department of Revenue shall retain unreceipted revenue from the tax imposed under ORS chapter 316 in an amount necessary to make the transfer required under subsection (4) of this section. The department shall make the transfer out of the unreceipted revenue in lieu of paying the revenue over to the State Treasurer for deposit in the General Fund. [2018 c.105 §13; 2019 c.355 §49]
Sec. 14. The division of the Oregon Department of Administrative Services that serves as office of economic analysis shall make the first calculation required under section 13 (1) of this 2018 Act not later than October 1, 2019. The calculation shall be for the five biennia beginning July 1, 2009. [2018 c.105 §14]
