Relating to directing surplus revenues to drought reserve funding; prescribing an effective date.

Provides for portion of surplus revenue refunds to be directed to Oregon Drought Reserve Fund instead of returned to personal income taxpayers. Establishes Oregon Drought Reserve Fund. Maintains amounts of surplus returned to taxpayers with lower incomes based on taxpayer share of prior year tax liability and phases out amount returned to taxpayers with higher incomes. Modifies statutory provisions. Applies to biennia ending on or after June 30, 2025. Takes effect only if House Joint Resolution 23 (2023) is approved by people at next regular general election. Takes effect on effective date of constitutional amendment proposed in House Joint Resolution 23 (2023).