City passes business income tax surcharge in 3-1 vote



City passes business income tax surcharge in 3-1 vote

Despite thorough lobbying efforts by the Alliance and assistance from impacted members, Portland City Council passed a business income tax surcharge in a 3-1 vote.
Despite thorough lobbying efforts by the Alliance and assistance from impacted members, Portland City Council passed a business income tax surcharge in a 3-1 vote. The Alliance had urged Council to reject this proposal by Commissioner Steve Novick, which imposes a surcharge on the city’s business income tax for certain publicly traded companies that are subject to the city’s business income tax. The surcharge is based on a new Securities Exchange Commission rule that will require disclosure of the ratio of CEO to median employee compensation. The Alliance raised concerns about the inability of the proposal to impact the purported goal of income inequality, the lack of nexus to business activity in the city of Portland and the message that Portland has a negative business climate.