The city of Powell community turned out on May 4, 2021 to make their voices heard and voted to approve the income tax restructuring proposal, also approved unanimously by Powell City Council. Sixty-six percent of Powell voters approved implementation of the income tax restructuring, which went into effect on January 1, 2022.
The new tax law raises the credit for taxes paid to another municipality from those that live in Powell but work in another city to 100 percent. The restructuring will additionally increase the effective income tax rate for individuals working in Powell from the current rate of 0.75 percent to a more competitive rate of 2 percent.
“The next chapter of Powell begins now,” said City Manager Andrew White. “With the tax restructuring plan in effect, we can put this money back into our infrastructure through the development of a robust Capital Improvement Plan and to support our local businesses. The additional revenue generated from the restructuring will help keep the small town charm that our residents have come to love about living in Powell.”
The new tax law is estimated to raise an additional $3.4 million. The additional revenue will support the city’s top-rated safety services and amenities and provide improvements to businesses in Powell by creating an annual grant program through the Community Improvement Corporation. Further, it will allow the Keep Powell Moving plan to continue its infrastructure improvements such as developing roadway connections and improving bike paths that run through the city.
Helpful Reminders: