1969-06-03 - Ballots Stub No.
Stub to be detached by member of Election Board
SAMPLE BALLOT
Special Election
State of Oregon
Tuesday, June 3, 1969
Mark a Cross (X) or a Check in the Voting Square After the Word "Yes" or After the Word "No".
REFERRED TO THE PEOPLE BY THE FIFTY-FIFTH LEGISLATIVE ASSEMBLY
1• PROPERTY TAX RELIEF AND SALES TAX — Enacts three percent sales tax exempting food and
prescription medicine. Prohibits increase without people's vote. Constitutionally dedicates proceeds
to reducing property taxes. Changes constitutional school property tax limitations, establishes new
property tax bases which school districts cannot exceed without people's vote. Restricts number of YES
school tax elections, provides uniform dates. Increases corporation taxes. Rebates some income taxes
to low income families. Prohibits increased property taxes on homesteads of $20,000 or less after
owner's age 65.
ESTIMATE OF FINANCIAL EFFECTS: The passage by the people of HJR 8 would make operative NO
three state revenue measures.
House Bill 1055 (Corporation Tax Increase) would increase the rate of taxation from 8 to 9
percent on the taxable income of banks and other financial corporations as defined by ORS 317.055
and 317.060. The tax rate on all other corporations would be raised from 6 to 7 percent of taxable
income. The resulting increase would add approximately $6 million annually to the General Fund
in the first year.
House Bill 1126 (Exemptions and Refunds) would enable the head of household with less than
$3,500 of annual household income to obtain a refund from the General Fund via the income tax
return that would offset a portion of the property tax he had paid to the county. For the purposes
of this Act, 25 percent of an individual's rent would be considered as property tax. Annual cost to
the General Fund would be approximately $7.7 million, plus an administrative cost of $125,000.
HB 1126 would also provide that the taxes on a senior citizen homestead valued at $20,000 or less
could not be increased, and would appropriate $800,000 for the purpose of offsetting the tax dollar
reduction because of the freeze.
House Bill 1127 (Sales and Use Tax) would impose a three percent retail sales and use tax ex-
empting food, drugs, and other specific items. On an annual basis, approximately $97.7 million
would be collected by retail and other businesses. From the amount collected, approximately $1.2
million would be retained by the sellers as a vendor discount, and approximately $1.3 million
would be allocated to the Motor Vehicle Use Tax Account, leaving approximately $95.2 million for
the Sales Tax Receipts Account of the General Fund.
The state would collect the sales tax monies primarily by quarter-years. The monies would then
be credited to the Local Property Tax Relief Account. The sales and use tax collections for the first
fiscal year ending June 30, 1970 (three quarter payments) would be in excess of $71 million. The
estimated cost for the administration of the sales tax for the fiscal year 1969-70 would be about
$1.5 million.