Portland passes $25M tax credit to bring business back downtown
PORTLAND Ore. (KPTV) - Portland City Commissioners unanimously approved a $25 million tax credit Thursday, to entice businesses to lease office buildings downtown.
This comes as the office vacancy rate in the downtown area has risen to nearly 27%, and is expected to continue to rise.
The city ordinance states, “With more people working from home, several businesses have fewer employees coming into the city core and their required office space has decreased as a result. This has led to reduced foot traffic and reduced vibrancy in the city core.”
The credit applies to the city’s business license tax. Businesses must have 15 or more employees to be eligible for the tax credit, and staff must come downtown for at least half of a standard work week, instead of working at home.
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