Draft TY 2018 tax forms have been posted. Additional changes expected in mid-October.
2D Barcode specifications (version 20) have been updated to align with the TY 2018 draft tax forms.
For tax years beginning on or after January 1, 2018, PCC 7.02.890 requires all owners of residential rental property in the City to register the property and annually provide a schedule that includes the address of all owned residential rental units within the City. As a result, there is a new schedule titled Schedule R.
Key changes to existing Forms:
- Owners Compensation Allowance Deduction for Portland Business License Tax has increased from $103,500 per owner to $125,000 per owner. The Multnomah County Compensation Allowance Deduction will be at the tax year 2017 amount ($103,500) plus a CPI adjustment.
- Portland Business Tax rate increased from 2.2% to 2.6%
- Owners of residential rental properties in Portland now required to attach Schedule R.