Bigger Tax Deductions for Portland Business

Portland increases biz owners tax deductions

Portland Business Journal by Andy Giegerich , Business Journal staff writer

Date: Wednesday, December 5, 2012, 2:35pm PST

 

 

Andy Giegerich

Business Journal staff writer- Portland Business Journal

 

Thanks to a Portland tax amnesty program, small business owners will enjoy heartier deductions on their next round of returns.

The Portland City Council voted Wednesday to increase the “business owners’ compensation deduction” on future tax returns from $88,500 to $90,500 (it’s item 1391 on the Council’s agenda). The benefit will be funded by the nearly $1 million Portland collected from 140 businesses during a tax amnesty offering earlier this year.

That 60-day program waived penalties for not filing and reduced businesses’ interest due by 50 percent.

“When our small businesses have more after-tax dollars available, they can use those dollars to expand their businesses and hire new employees,” said Commissioner Nick Fish, who co-sponsored the measure along with Mayor Sam Adams and Commissioner Dan Saltzman. “It sends the right signal that we want to support our local small businesses.”
The vote was 4-0. Saltzman wasn't available when the Council finalized its decision.