(1) The Legislative Fiscal Officer, with the aid of the Legislative Revenue Officer, state agencies and affected local governmental units, including school districts, shall prepare a fiscal impact statement for each measure reported out of a committee of the Legislative Assembly that could have an effect on expenditures of the state or on expenditures of local governmental units, including school districts. (2) The Legislative Revenue Officer, with aid of the Legislative Fiscal Officer, the Department of Revenue, state agencies and affected local governmental units, including school districts, shall prepare a revenue impact statement for each measure reported out of a committee of the Legislative Assembly that could have any effect on revenues of the state or on revenues of local governmental units, including school districts. (3)(a) As used in this subsection, tax expenditure has the meaning given that term in ORS 291.201. (b) If a revenue impact statement is prepared pursuant to subsection (2) of this section on a measure that creates a tax expenditure, the revenue impact statement must include the revenue impact of the measure for at least three consecutive biennia, beginning with the current biennium. (c) If a revenue impact statement is prepared pursuant to subsection (2) of this section on a measure that creates or extends a tax expenditure, the revenue impact statement must include a statement describing the public policy purpose of the tax expenditure. The public policy purpose statement is subject to review by the committee recommending passage of the measure.
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