Oregon would split large revenue surpluses if voters approve

Oregon would return half of the covered surplus to personal income taxpayers and put half in reserve accounts. The rule covers General Fund revenue other than corporate income and excise taxes, with an exclusion for certain fixed corporate minimum taxes. It does not apply during periods when Oregon has no personal income tax. Voters must approve the constitutional amendment. Revenue must exceed the state's estimate by at least 2%, and the total excess must exceed $300 million. The $300 million threshold would be adjusted for inflation at the end of each two-year budget period. Half of the reserved money would support public K–12 schools and community colleges. The other half would fund wildfire prevention and firefighting. The amendment would apply to two-year budget periods beginning on or after July 1, 2027. The section setting that start date would be repealed on June 30, 2031.