SALEM, Ore. (AP) - Oregon lawmakers rolled out a broad proposal Tuesday to overhaul the state's corporate tax system that could generate up to $3 billion in extra revenue for the next two-year budget.
That would be enough money to solve the upcoming $1.6 billion shortfall and keep government services running at their current levels. But that's just the highest estimate from a broad range of potential business tax rates under consideration, and other proposals such as lowering taxes for low-income households and raising tobacco taxes could be factored into the final revenue package.
Lawmakers also stressed that the 2017-19 budget shortfall will be addressed through a combination of tax reforms and government spending cuts.
The tax proposal is similar but broader to Measure 97, the big-business tax hike voters rejected in November.