NEWS RELEASE

Contact:

David Gulliver
(503) 986-1424

Representative Nelson Supports Rainy Day Fund

SALEM – Oregon State Representative Donna Nelson (R-McMinnville) voted yes on House Bill 2031 and House Bill 2707, laying the groundwork for Oregon’s first Rainy Day Fund.

“One of the most important aspects of budgeting is planning ahead for a time when funds are short,” Representative Nelson stated. “By voting yes on these bills, we have both created a seed fund and created an additional revenue source to begin saving money for the future.”

House Bill 2031 and House Bill 2707 change the Oregon corporate tax structure and provide for a one-time suspension of the corporate “kicker” to provide money for the fund. The business community has been largely supportive of both measures.

Now that the two bills have passed the House of Representatives, they must be approved by the Senate and signed into law by the Governor by March 16 in order to become effective. As a protective measure, both bills must become law in order for either to take effect. This will prevent Oregon from simply increasing taxation without saving.

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