Budget & Taxes

Establishes and modifies certain biennial appropriations made from the General Fund to specified state agencies and the Emergency Board. Establishes and modifies limitations on expenditures for certain biennial expenses for specified state agencies. Declares an emergency, effective on passage.

] Allows net local transient lodging tax revenue to be used for resiliency grants for small businesses in the restaurant and lodging industry. Allows city and county services for which net local transient lodging tax revenue may be used to be provided either directly by the city or county or indirectly by a special district. Changes the division of allowable uses of net local transient lodging tax revenue from at least 70 percent for tourism-related expenses and no more than 30 percent for city or county services, to at least [ 40 ] 50 percent and no more than [ 60 ] 50 percent, respectively. Allows units of local government with restricted grandfathered local transient lodging tax regimes to take advantage of the new provisions of the Act. Establishes biennial reporting by local governments of amounts and uses of local transient lodging tax revenue , the reported information to be aggregated by the Legislative Revenue Officer and submitted to the Legislative Assembly . Directs the Legislative Revenue Officer to conduct a study of the percentage requirements for allowable uses of local transient lodging tax revenue as amended by the Act and to submit the findings to the Legislative Assembly. Takes effect on the 91st day following adjournment sine die.

Creates a corporate excise tax credit for each of the first three years that a bank does business in this state. Applies only to Oregon-chartered banks that commence business in tax years beginning on or after January 1, 2027, and before January 1, 2033. Takes effect on the 91st day following adjournment sine die.