Oregon Statutes - Chapter 316 - Personal Income Tax - Section 316.502 - Distribution of revenue to General Fund; working balance; refundable credit payments.

(1) The net revenue from the tax imposed by this chapter, after deducting refunds, shall be paid over to the State Treasurer and held in the General Fund as miscellaneous receipts available generally to meet any expense or obligation of the State of Oregon lawfully incurred.

(2) A working balance of unreceipted revenue from the tax imposed by this chapter may be retained for the payment of refunds, but such working balance shall not at the close of any fiscal year exceed the sum of $1 million.

(3) Moneys are continuously appropriated to the Department of Revenue to make:

(a) The refunds authorized under subsection (2) of this section; and

(b) The refund payments in excess of tax liability authorized under ORS 315.262 and 315.266 and section 82, chapter 843, Oregon Laws 2007, and section 17, chapter 906, Oregon Laws 2007. [1969 c.493 §70; 1977 c.761 §2; 2003 c.473 §12; 2005 c.826 §§4,4a; 2005 c.832 §55; 2007 c.843 §§84,85; 2007 c.906 §§19,19a]

Note 1: Section 88 (1), chapter 843, Oregon Laws 2007, provides:

Sec. 88. (1) The amendments to ORS 316.502 by sections 84 to 86 of this 2007 Act apply to refunds for credits claimed for tax years beginning on or after January 1, 2007, and before January 1, 2013. [2007 c.843 §88(1)]

Note 2: Section 20b (1), chapter 906, Oregon Laws 2007, provides:

Sec. 20b. (1) The amendments to ORS 316.502 by sections 19 to 20 of this 2007 Act apply to refunds for credits claimed for tax years beginning on or after January 1, 2007, and before January 1, 2013. [2007 c.906 §20b(1)]

Note 3: The amendments to 316.502 by section 60, chapter 832, Oregon Laws 2005, apply to tax years beginning on or after January 1, 2014. See section 61, chapter 832, Oregon Laws 2005, as amended by section 4, chapter 880, Oregon Laws 2007. The amendments to 316.502 by sections 6 and 7, chapter 868, Oregon Laws 2007, become operative January 2, 2014, and apply to tax years beginning on or after January 1, 2014. See sections 6b, 6c, 7b and 7c, chapter 868, Oregon Laws 2007. The text that is operative from January 2, 2014, until January 2, 2018, including amendments by section 86, chapter 843, Oregon Laws 2007, and section 20, chapter 906, Oregon Laws 2007, is set forth for the userís convenience.

316.502. (1) The net revenue from the tax imposed by this chapter, after deducting refunds, shall be paid over to the State Treasurer and held in the General Fund as miscellaneous receipts available generally to meet any expense or obligation of the State of Oregon lawfully incurred.

(2) A working balance of unreceipted revenue from the tax imposed by this chapter may be retained for the payment of refunds, but such working balance shall not at the close of any fiscal year exceed the sum of $1 million.

(3) Moneys are continuously appropriated to the Department of Revenue to make:

(a) The refunds authorized under subsection (2) of this section; and

(b) The refund payments in excess of tax liability authorized under section 82, chapter 843, Oregon Laws 2007, and section 17, chapter 906, Oregon Laws 2007.

Note 4: The amendments to 316.502 by section 87, chapter 843, Oregon Laws 2007, sections 6a and 7a, chapter 868, Oregon Laws 2007, and section 20a, chapter 906, Oregon Laws 2007, become operative January 2, 2018. See section 88, chapter 843, Oregon Laws 2007, sections 6b and 7b, chapter 868, Oregon Laws 2007, and section 20b, chapter 906, Oregon Laws 2007. The text that is operative on and after January 2, 2018, is set forth for the userís convenience.

316.502. (1) The net revenue from the tax imposed by this chapter, after deducting refunds, shall be paid over to the State Treasurer and held in the General Fund as miscellaneous receipts available generally to meet any expense or obligation of the State of Oregon lawfully incurred.

(2) A working balance of unreceipted revenue from the tax imposed by this chapter may be retained for the payment of refunds, but such working balance shall not at the close of any fiscal year exceed the sum of $1 million.

(3) Moneys are continuously appropriated to the Department of Revenue to make the refunds authorized under subsection (2) of this section.

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Last modified: August 7, 2008