Seattle 'social housing' payroll tax proposal clears hurdle

King County Elections has certified enough voter signatures to put an estimated $53 million payroll tax for "social housing" on an upcoming ballot, initiative sponsor House Our Neighbors said Tuesday.

If Initiative 137 passes, the revenue would be used by Seattle Social Housing Development (SSHD). Seattle voters last year overwhelmingly approved forming SSHD, but that measure lacked a funding mechanism. House Our Neighbors earlier this year launched a petition drive for I-137. Over 37,000 people signed, or about 11,300 more than what was needed.

Under I-137, employers would pay a 5% tax on compensation packages of $1 million or more, including salary, stock options and bonuses. House Our Neighbors has said it's expected this would generate $53 million a year.

With certification from King County Elections, the initiative goes to the City Council, which has up to 45 days to pass I-137 as is, put it on the ballot or place it and a competing measure up for a vote.

https://www.bizjournals.com/seattle/news/2024/07/24/seattle-social-housing-payroll-tax-clears-hurdle.html