The City of Portland Revenue Bureau has announced a new business tax amnesty program. The program was put in place to encourage businesses who owe back taxes to come into compliance. The amnesty program will allow businesses to pay their current tax liability with a full waiver of penalties and a 50 percent reduction in interest for qualifying businesses. This one time business opportunity will be available to Portland and Multnomah County businesses from May 15, 2012 to July 16, 2012.
The City of Portland and Multnomah County asses a tax of 2.2% and 1.45% on net profit for businesses operating in their jurisdiction respectively. The revenue generated helps pay for police, fire protection, parks, and health and human services in the community. Portland City Council will also consider an ordinance on May 9, 2012 that will keep the identity of the businesses who apply for the program confidential.
More details regarding the amnesty program are available at www.portlandonline.com/amnesty . Businesses can also call the “Tax Amnesty Hotline” anonymously at 503-823-6881 for additional information. Also, feel free to contact Jared Siegel, or Tim Filkins, to learn how Delap may be able to help implement tax planning strategies for your Portland or Multnomah County business.