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Council News Release


FOR IMMEDIATE RELEASE:   
9/9/2009  1:37:00 PM
FOR MORE INFORMATION CONTACT: Dana Robinson Slote, (206) 615-0061

Councilmember Jean Godden

Councilmember Godden’s statement on Russell Investment’s decision to relocate its headquarters to Seattle

I want to welcome Russell Company to Seattle and am pleased that they have decided to remain in the region as they are a vital part of our state’s economy.

Earlier in the summer, the Council responded to a Russell Company inquiry about how Russell Investments’ operations would be taxed, should the company decide to relocate to Seattle.

A majority of Councilmembers signed a letter to Russell indicating support for making the city tax code consistent with that of the state and encouraging the company to remain in Washington. There were no tax breaks offered or suggested in this letter.

To reach alignment with the state it would require the city to create a tax classification for “international investment services” which is the same classification Russell has been taxed under for years. The letter indicated that the Council would give the matter prompt consideration when legislation came before them.

The Finance and Budget Committee now has this legislation and we will take it up at our next meeting on Sept. 17 at 9:30 a.m. in Council chambers. I look forward to discussing the bill in depth at that time.

This tax classification change would apply to any qualifying business in Seattle at the rate of 0.15 percent on gross revenues.

Seattle City Councilmember Jean Godden is Chair of the Council’s Finance and Budget Committee.

Council meetings are cablecast live on Seattle Channel 21 and Webcast live on the City Council’s website at http://www.seattle.gov/council/ . Copies of legislation, archives of previous meetings, and news releases are available on http://www.seattle.gov/council/ . Follow the Council on Twitter at twitter.com/SeattleCouncil.

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