2004-02-03 - Ballots OFFICIAL BALLOT•SPECIAL ELECTION•DESCHUTES COUNTY,OREGON•FEBRUARY 3,2004
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INSTRUCTIONS TO VOTER
USE A PENCIL ONLY
TO ENSURE YOUR VOTE COUNTS,
- COMPLETELY FILL IN THE
OVAL (4M) TO THE LEFT OF
- THE RESPONSE OF YOUR CHOICE.
STATE MEASURE
2,
REFERENDUM ORDER BY PETITION OF THE PEOPLE
30 ENACTS TEMPORARY PERSONAL INCOME TAX SURCHARGE; INCREASES,
- CHANGES CORPORATE, OTHER TAXES;AVOIDS SPECIFIC BUDGET CUTS
RESULT OF"YES"VOTE:"Yes"vote enacts temporary personal income tax
- - YES surcharge;increases Corporate Minimum Tax; makes other corporate,income,
property,cigarette tax increases,changes;avoids specific budget cuts.
. RESULT OF"NO"VOTE:"No"vote retains existing personal income,corporate
NO and other tax laws;triggers$544.6 million in budget cuts to education,healthcare,
senior services, public safety.
- SUMMARY:Enacts personal income tax surcharge for 2003,2004(and 2005,depending on projected
General Fund ending balance). Surcharge is percentage of Oregon income tax owed; surcharge rate AJ
- progresses from one to nine percent, depending on taxpayer's federal adjusted gross income; no
surcharge if that income is below$10,000. Increases$10 Corporate Minimum Tax to$250 or more,
up to cap. Ends corporate extraterritorial income exclusion;temporarily reduces corporate dividend Mali
- income deduction,tax credits. Restricts elderly medical expense deduction based on age, income.
Reduces discount for full,eliminates discount for two-thirds,property tax payment by November 15.
Extends 10 cent per pack cigarette tax through 2005. Avoids$544.6 million in budget cuts to educa-
tion, healthcare,senior services,public safety. Other provisions.
ESTIMATE OF FINANCIAL IMPACT:Passage of this measure increases state revenues and avoids sched-
uled state and local spending cuts of$544.6 million in the budget for 2003-2005. It also prevents an
additional projected state budget shortfall of$258.1 million.
The estimated revenue impact of this measure is as follows:
- 400 2003-2005 2005-2007
State Revenue
- 41 . Personal income tax' $591.3 million $205.5 million
Corporate income tax $146.2 million $107.5 million
Cigarette tax(extends 10 cent tax through 2005) $22.2 million $9.7 million
- 42 - Property tax discount $43.0 million $0
_]=__43=
Cigarette tax -$300,000 -$140,000
- Property tax discount $0 $91.1 million
Approximately$844 million of the revenues raised are temporary and$372 million are permanent.
. 'However,should certain economic conditions exist,$261 million of the temporary personal income
tax revenues will not be collected.
- The state and local spending cuts avoided by the passage of this measure are:
Education $298.9 million
Kindergarten-12th Grade $284.6 million
. Higher Education $ 14.3 million
. Healthcare and Human Services $187.6 million
Children,Families,Seniors and
- 51 - Disabled Citizens $187.6 million
- Public Safety Services $58.1 million
Prisons/Parole $24.7 million
- Courts $23.7 million
Juvenile Corrections/State Police $ 9.7 million
- Total of scheduled state and local spending cuts $544.6 million
Total state expenditures X22 -94 are required Implement the measure if enacted.
M
M WARNING
Any person who, by use of force or
- other means, unduly influences an
elector to vote in any particular man-
- ner or to refrain from voting, is sub-
ject,upon conviction,to imprisonment
or to a fine, or both. (ORS 254.470)
— LEA I B M 1CM Se :0001 J J
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