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Portland approves business license surtax on certain public companies based on CEO-employee compensation ratio

Portland, Oregon’s City Council approved an ordinance on Dec. 7, 2016, under which a publicly traded company will incur a surtax to its Portland Business License Tax liability if compensation paid to its CEO exceeds the median employee compensation by a ratio of 100:1, with a higher surtax if such ratio is equal to or greater than 250:1. The new surtax takes effect for tax years beginning on or after Jan. 1, 2017.