Relating to restrictions on itemized deductions; prescribing an effective date.

For purposes of personal income taxation, phases out availability of itemized deductions, other than charitable contribution deductions, for taxpayer with federal adjusted gross income of $125,000 or more for single return, or $250,000 or more for joint return. Transfers amount equal to estimated increase in revenue attributable to restrictions on allowance of itemized deductions to Home Ownership Assistance Account in Oregon Housing Fund. Applies to tax years beginning on or after January 1, 2017. Takes effect on 91st day following adjournment sine die.