How Portland is spending its tax on billion-dollar companies

In Portland, Oregon, a groundbreaking tax on billion-dollar corporations has funded a wide range of climate-related projects. The 1% tax on large corporations' sales, enacted in November 2018, has raised over $1.7 billion for various initiatives. Approximately 500 large corporations fall under this tax, with revenue benefiting both community grants and larger city projects focused on climate justice.

One notable project is a solar farm on a former landfill, which is helping nearby low-income families save up to 40% on their electric bills. The city fund covering the cost of solar panel installation creates steep savings for these customers. The Bird Alliance of Oregon, a nonprofit working on the project, emphasizes that without this funding, such community projects would not be possible.

The city fund has also been used to restore wildlife habitat on the landfill and plant trees to reduce extreme heat. It has supported a high school's youth climate action initiatives and funded major new rapid bus corridors. Additionally, the fund has helped expand a "bike bus" program, provided employees with bike loan programs, and supported home energy retrofits to reduce energy bills.

The Portland Clean Energy Community Benefits Fund administers the revenue from the tax, with a focus on climate justice. Proponents argue that corporations, responsible for the most significant climate impact, should pay for climate solutions. Despite facing opposition from corporations, the tax passed with a decisive 65% vote. Several projects, including net-zero housing and EV access, wouldn't have been possible without the fund's support.