County is better risk to venture capitalists. New businesses – Portland and Multnomah County officials repeal taxes to try to attract more venture funds
Portland and Multnomah County both have repealed an obscure tax on venture capital funds, a move they hope will lure more companies to locate in the county.
The city and county had combined to tax venture capitalists — who invest money in young, growing companies — a total of 3.6 percent. The funds had to take that out of any earnings before they could pass income on to their investors, making it a competitive disadvantage for funds to be in the county. And other kinds of investment funds, such as mutual funds, did not face that same rule.
The Oregonian Staff
"In effect, we have favored out-of-state investment to our local innovators over local dollars," said lawyer Martin Medeiros, who testified against the tax before the City Council on Wednesday. "This tax in Portland is like no other jurisdiction."
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