HB 3659
Prescribes methodology for the preparation of revenue estimates used in the budgeting process and as applicable to the surplus revenue refund process.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill updates the process for creating revenue estimates used by the state for budgeting and surplus revenue refunds. It requires the Department of Revenue to use specific, data-driven methodologies, including those from nationally recognized vendors, when preparing these estimates. The bill also mandates quarterly reporting of revenue estimates and outlines a process for distributing surplus revenue to personal income taxpayers if revenues exceed projections.
Key provisions
- Requires the Department of Revenue to use specific, data-driven methodologies for revenue estimates.
- Mandates quarterly reporting of revenue estimates.
- Establishes a process for distributing surplus revenue to personal income taxpayers if revenues exceed projections.
- Specifies the data sources and models to be used in revenue forecasting.
- Requires the Department of Revenue to issue a statement detailing the methodology and assumptions used in revenue estimates.
- Allocates a portion of surplus revenue to specific state funds, including the Water Fund, Transportation Fund, School Capital Matching Fund, Housing Fund, and Natural and Working Lands Fund.
- Sets a minimum refund amount for personal income taxpayers.
- Defines the effective date for the new requirements.
Who is affected
- Oregon State Government
- Department of Revenue
- Legislative Assembly
- Taxpayers (Personal Income)
- State Budgeting Agencies
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