Many of you will have some new tax forms to file this year as there are two new, local taxes taking effect. There is a new 1% income tax that will impact metro area residents with taxable incomes of $125,000 for single filers or $200,000 for joint filers. This tax will also be applicable to Metro area businesses with gross receipts of $5,000,000 or more.
Additionally, Multnomah County has a new 1.5% personal income tax for county residents. This tax has the same thresholds of $125,000 in taxable income for single filers and $200,000 for married filers. The rate increases by an additional 1.5% for higher income individuals, kicking in at $250,000 for single filers $400,000 for married joint tax returns.
If you are subject to these taxes, check with your employer to see if you can set up withholding.
Both of these tax programs were approved by voters in November of 2020 and were intended to support specific social programs. The Metro tax, or Supportive Housing Services tax, is earmarked for housing the homeless. The County tax, or the Preschool For All Tax, was enacted to support preschool services. To learn more about these taxes or the programs that they fund, see the following links:
Metro's Supportive Housing Services website
Multnomah County’s Preschool for All website
Additionally, Multnomah County has a new 1.5% personal income tax for county residents. This tax has the same thresholds of $125,000 in taxable income for single filers and $200,000 for married filers. The rate increases by an additional 1.5% for higher income individuals, kicking in at $250,000 for single filers $400,000 for married joint tax returns.
If you are subject to these taxes, check with your employer to see if you can set up withholding.
Both of these tax programs were approved by voters in November of 2020 and were intended to support specific social programs. The Metro tax, or Supportive Housing Services tax, is earmarked for housing the homeless. The County tax, or the Preschool For All Tax, was enacted to support preschool services. To learn more about these taxes or the programs that they fund, see the following links:
Metro's Supportive Housing Services website
Multnomah County’s Preschool for All website
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