Portland City Council Passes Tax Incentive to Bring Businesses Back Downtown
– To qualify for the tax credit, businesses must enter a new lease or extend a current lease for four years or more in central city neighborhoods including Downtown, Lower Albina, the Lloyd District and Old Town/Chinatown.
– The program requires employees to work in office at least on a halftime basis and requires businesses to have at least 15 employees.
– The tax credit will allow eligible business a credit for the full amount of business license tax owed in a year up to $250,000 per taxpayer over four subsequent years—the tax incentive program is capped at $25 million.
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