City heads to vote on proposed business income tax surcharge



City heads to vote on proposed business income tax surcharge

Commissioner Steve Novick is proposing a surcharge on the city’s business income tax for certain publicly traded companies that are subject to a new Securities Exchange Commission rule, which requires reporting of the ratio between CEO and the median employee compensation.
Commissioner Steve Novick is proposing a surcharge on the city’s business income tax for certain publicly traded companies that are subject to a new Securities Exchange Commission rule, which requires reporting of the ratio between CEO and the median employee compensation. The Alliance testified before City Council in opposition to the ordinance based on the lack of nexus between CEO pay and a company’s sales in Portland, inequities within the rule and the inability of this proposal to impact the stated goal of addressing income inequality. A vote on the ordinance is scheduled for Dec. 7.