Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Seattle City Council Approves New Tax on Large Seattle Employers
The Seattle City Council passed in a 7-2 vote the JumpStart Seattle plan, which would raise over $214 million per year in progressive revenue. Seattle’s largest businesses on executives and employees with the highest salaries would be taxed.
The Council indicated the vast majority of Seattle businesses will not be subject to the tax because the ordinance excludes businesses with less than $7 million of annual Seattle payroll and does not place an assessment on salaries under $150,000.
The council says the tax is in response to the immediate COVID crisis and focus on Seattle’s long-term economic revitalization and resiliency by investing in affordable housing and essential city services. The revenue will go to rental assistance programs and resources for non-profit affordable housing providers and addresses the city’s homelessness crisis by further de-intensifying shelters.
It will also expand the city’s grocery voucher program and provides cash assistance to small businesses. In later years, the program transitions to funding the construction of new and existing affordable housing, city services and economic resiliency.
For comments, questions or concerns, please contact Dennis Kaiser
