This ordinance (CB 121028) by the Seattle City Council requests a special election to be held concurrently with the November 4, 2025 general election. The proposition will ask qualified electors to approve lifting the limit on business and occupation (B&O) tax rates under RCW 35.21.711. It authorizes the City to levy additional taxes to fund housing, human services, workforce, and small business support. Key changes include increasing the B&O tax threshold from $100,000 to $2 million, creating a $2 million standard deduction, and offering offsetting credits for certain eligible businesses, particularly non-profit pediatric hospitals and cancer research centers. Conforming changes will also be made to the business license tax. The higher rates are projected to generate approximately $90 million of new General Fund revenue annually through 2032, beginning January 1, 2026, contingent on voter approval. These funds are earmarked for food access, gender-based violence services, small business supports, emergency shelters, homelessness prevention, worker rights and protections, public health, workforce development, job readiness training, and arts and culture. Up to $30 million of the proceeds may also be used for implementation costs and to mitigate federal funding cuts in areas like housing stability and affordable housing. The rates are set to decrease from January 1, 2033, to levels that support the restructure elements without raising net new revenue compared to current baselines, with a sunset clause on January 1, 2030, unless extended by the City Council.