Once the City Clerk approves the initiative petition, the campaign will have 180 days to collect and submit at least 26,521 valid signatures from registered Seattle voters to qualify for the November election.
If successful, the measure would levy a 5% “excess compensation” tax on employer payroll expenses for each Seattle-based employee paid over $1 million in annual compensation. In other words, an employer would pay a 5% tax on any dollar over $1 million in total employee compensation. Total compensation includes base salary, stock and bonuses.
That money would pay for Seattle’s newly created Social Housing Developer, the voter-approved public development authority that will build, acquire, manage and maintain permanently
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