The Seattle City Council has released draft legislation for a new tax on large employers that would raise $75 million to address homelessness. The legislation would create a tax of 26 cents per Seattle employee-hour that would be imposed on companies that gross at least $20 million per year. The city would be required to spend 75 percent of the tax revenue to build low-income housing, 20 percent on homeless shelters and services, and 5 percent on administrative costs. There are currently about 500 eligible companies in the city, which represents about 3 percent of all businesses, and the new tax is expected to create 1,780 affordable units over five years. The bill could be voted on next month.
Published by Oklahoma Coalition for Affordable Housing
The vision of OCAH: That all Oklahomans have the opportunity to live in safe, healthy and affordable homes. Our Mission: To lead the movement to ensure that all residents of the state of Oklahoma flourish in safe, affordable homes and to help communities develop safe and affordable housing options for all of their residents. We reach our mission through advocacy, education and practical training to foster the production and maintenance of affordable housing throughout the state. View all posts by Oklahoma Coalition for Affordable Housing