Oregon would use revenue estimates to fund state emergencies and needs

The Oregon Department of Administrative Services, with help from the Department of Revenue, would estimate state revenue using projections toward the lower end of accepted estimates. The estimate covers revenue available for state purposes in the current fiscal year. The projections would use methods developed by nationally recognized data vendors and consensus models, and would draw on revenue from the 10 most recent fiscal years. The annual estimate is due by August 15, but not earlier than 90 days after the regular session ends. The described amendments would apply to estimates prepared on or after January 1, 2027.

The Department of Revenue would estimate a positive difference between two calculations of personal income tax credits and transfer that amount to a state fund. The calculations concern personal income taxpayers' credits under ORS 291.349 (4), for the biennium ending in an odd-numbered year. The fund would be separate from the General Fund. The two calculations use projections consistent with the requirements of ORS 291.349 and ORS 291.342. The department would estimate the gap by November 15 and transfer the amount by December 15 of each odd-numbered year. The amendments would apply to estimates prepared on or after January 1, 2027.