City Councilmember Cathy Moore (District 5) announced this week that she will introduce a budget amendment to create a new form of progressive revenue to fund rental assistance for rent-burdened households, down payment assistance for low-and moderate-income home ownership, and food assistance for food-insecure households. The proposed 2% capital gains excise tax will be applicable to non-retirement financial gains over $250,000. 

“After a thorough review of the budget and the mayor’s proposal to utilize Payroll Expense Tax dollars to cover the General Fund deficit, it’s clear that our city is still facing the need for additional revenue to address the unmet needs of thousands of households that are rent and food insecure. We also need to deepen our investment in home ownership opportunities for low- and moderate-income households,” said Councilmember Moore, who chairs the Housing and Human Services Committee. “My revenue proposal will keep people housed and out of the cycle of homelessness, build stable communities that expand our tax base, and address the hidden but fast-approaching hunger crisis in our city.” 

Details 

The proposal is identical to the state legislation that was just reaffirmed by voters in Tuesday’s General Election, with the exception that it’s a 2% local tax.  

Next Steps 

The Budget Chair’s Balancing Package was released on Oct. 30. The Council will begin the amendment process at the Nov. 13 Select Budget Committee meeting. Councilmember Moore aims to introduce her amendment at the Nov. 12 Full Council meeting.   

Additional information on the budget process, including the full committee calendar, can be found on the council website. 

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