Text of Measure
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OREGON: The Oregon Revised Statutes shall be revised by adding the following section, which section shall read:
Section 1. On personal state income tax returns for tax years beginning on or after January 1, 2007, a deduction shall be allowed against income for each dependent, taxpayer, and spouse, lawfully claimed as an exemption on an Oregon taxpayer's federal income tax return. The total amount of the deduction allowed on the state income tax return shall not be less than the total amount of the deduction allowed for all exemptions on the taxpayer's federal tax return.
(a) Any legislative Act repealing or delaying implementation of all or part of this section, or decreasing the amount of the deduction enacted by this section shall be deemed to be a tax increase and subject to the supermajority requirement of the Oregon Constitution and the prohibition on attachment of an emergency clause to the Act.
(b) A taxpayer shall have the option of using the existing Exemption Credit, or a larger Exemption Credit adopted by the state legislative assembly, in lieu of the deduction set forth in this section, if the taxpayer would pay a lower tax using the Exemption Credit than by taking the deduction enacted by this section.