Oregon: Voters approve new homeless tax on businesses and individuals

Voters in the Portland, Oregon metro area (Washington, Clackamas, and Multnomah counties) recently approved a ballot measure that adopts a new tax to fund homeless services. Per the measure, a new one percent tax will be imposed on married individuals with income over $200,000 (over $125,000 for single filers).  The income tax applies to resident income, and to non-resident income earned from sources within the metro area.  The new one percent business profits tax is imposed on businesses with gross receipts over $5 million.  There are few details on the tax in the ballot measure, but it is expected to raise over $2.5 million over the next ten years. The tax will be collected beginning in 2021, and it sunsets after a decade unless extended by voters.  Please contact Vinh Tran at 503-820-6803 with questions on the measure.