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Proposed Metro Transportation Measure Could Tax Value of Health Insurance, Other Non-Cash Compensati
Proposed Metro Transportation Measure Could Tax Value of Health Insurance, Other Non-Cash CompensationIn an analysis of the $4 billion Metro transportation measure on the November ballot produced for clients this week, the Portland accounting firm Moss Adams highlighted a previously unreported fact: The language defining the measure, which has been billed as a payroll tax, could allow Metro to levy a tax on all compensation of affected employees, not just their salaries.
"The ordinance as written imposes the tax on remuneration for services performed, including the cash value of all non- cash remuneration," Moss Adams told clients.
The accounting firm says that could mean taxing health care benefits, money deducted pretax for retirement contributions, etc.
That could increase the amount taxed by 30% or more.
Moss Adams notes that the TriMet payroll tax, upon which Metro modeled its measure, does not cover non-cash compensation.
Read more: https://www.wweek.com/news/2020/09/15/proposed-metro-transportation-measure-could-tax-value-of-health-insurance-other-non-cash-compensation/
(Williamette Week)