Senator Haas' email (cited above)

This is the full text of an email notice from Oregon State Senator Mark Haas.  I wanted to provide a link to it in the article posted above but I did not find it on his website.

Dear Friends,

Oregon’s economy is booming.  That’s the story from the economists who presented to the Senate Revenue Committee today.

Their quarterly forecast indicated that Oregon is recovering from the Great Recession, with more people going back to work and with wages increasing.  In fact, the economy is growing so fast it is projected to kick Oregon’s unique “kicker” law. Here are the highlights:

•  2013-15 Revenue: The overall revenue forecast for the 2013-15 biennium increased $100.7 million from the December 2014 forecast ($87.6 million more in projected General Fund resources, $13.1 million increase in Lottery Funds).
• Economic Outlook: Oregon’s economic recovery continues to be stable and growing in the short term, with job growth expected to continue at its current pace for another two years.
• Personal Kicker: A $349.3 million kicker is projected in 2015, largely due to very strong projected April 2015 tax filings from investment income and 2013 Special Session revenue increases. The revenue lost to the projected personal income tax kicker is felt mostly in the 2015-17 biennium.  Calculations to determine if a kicker is triggered do not occur until July 2015.
• Corporate Kicker: A $55.7 million corporate kicker is projected to direct $55.7 million to K-12 funding (Measure 85, 2012).
• 2015-17 Revenue: Strong General Fund and Lottery Fund growth projections offset much of the revenue lost to the kicker, so the forecast for the 2015-17 biennium is only $21 million less than projected in the December 2014 forecast.

The kicker law is something Oregonians love to talk about.  I agree with many of you that it should probably be replaced with something that is more in tune with Oregon’s economy. Like many inventions, haircuts and dance moves from the 1970’s, it’s probably time for an update.  You can check out the full revenue forecast here.

We are also working hard in the Senate Education Committee.  The Debt-Free Education Bill (SB 81) is scheduled for a public hearing next Tuesday, February 24th. This bill  represents the greatest expansion of college accessibility and affordability to date. SB 81 would give Oregon high school graduates the opportunity to attend two years of community college or trade school at no cost to the student.  I urge you to follow and support this bill. Debt-free higher education is the key to building more Oregon careers that provide livable family wages.

Sincerely,

Senator Mark Hass

Senate District 14

email: Sen.MarkHass@state.or.us I phone: 503-986-1714