Senior Lien Payroll Tax Revenue
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Senior Lien Payroll Tax Revenue
Overview
- Senior Lien Payroll Tax Revenue Bonds Outstanding (as of 12/31/25)
- $759,385,000
TriMet has pledged the following revenue streams to pay its senior lien payroll tax revenue bonds:
- Payroll and Self Employment Taxes:
- These taxes are received from certain employers within the district boundaries of TriMet. TriMet’s payroll and self-employment tax rate was initially established by the State of Oregon in 1969 and enacted in 1970.
- The State of Oregon has given TriMet the authority to increase the rate for payroll and self-employment taxes by 1/10th of a percent each year through calendar year 2025. The current tax rate is 0.8237 percent of applicable wages.
- State In-Lieu Payments:
- Under ORS 291.405 the State of Oregon can provide funds to TriMet as reimbursement for the benefit the State receives from TriMet. The rate of is limited to 0.6 percent of the total wages paid to State employees working within the TriMet service area. State in-lieu payments have been made every year since 1983. If the State stops making in-lieu payments, current statutes authorize TriMet to impose payroll taxes directly on the State.
Information concerning TriMet’s collection of pledged revenues and annual debt service coverage can be found here.
TriMet’s debt policy limits annual senior lien payroll tax debt service to 7.5% of continuing revenues.
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