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Treasurers office outlines Proposition M changes and effects on homelessness gross‑receipts tax
Summary
A representative from the Office of the Treasurer & Tax Collector explained how Proposition M reorganizes San Francisco business taxes, expands the base for the homelessness gross receipts tax ("Big C") and aims to reduce volatility from remote work.
Amanda Freed of the San Francisco Office of the Treasurer & Tax Collector briefed the committee on Jan. 23 about Proposition M, a November 2024 ballot measure that overhauled the city's business tax code and took effect Jan. 1, 2025.
Freed told the committee the measure’s goals included reducing the risk of tax loss due to remote work, lowering revenue volatility tied to a small number of large taxpayers, simplifying tax categories and increasing equity for small businesses. "The general goals of Prop M were to reform the business tax system to better reflect a post COVID economy in San Francisco," she said.
She said the measure simplified multiple industry categories into seven, changed the apportionment formula…
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