SALEM, Ore. (AP) - The Oregon Senate has voted down a bill that aims to save higher-than-average revenue from capital gains taxes, rather than spend it.
With lawmakers on the verge of ending the legislative session, the Senate’s move on Friday likely means the bill is dead for the year.
Oregon’s revenue is highly volatile with economic fluctuations. The measure’s supporters want a method for saving money during booming economies to spend during difficult times.
In years when the capital gains revenue exceeds a previous average, the bill would have directed a portion of the money to the Education Stability Fund.
Critics warned that the measure would tie lawmakers’ hands in the future and force them to save money they desperately need for schools.
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