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Committee files stock‑based compensation tax initiative after informational hearing
Summary
Legislative aides presented a ballot initiative to restore a 1.5% tax on stock‑based compensation for public companies; the committee filed the item after an informational presentation and no public callers were in the queue for that item.
The Budget & Finance Committee held an informational hearing on July 16 about a proposed stock‑based compensation tax that would restore a 1.5% local tax on stock‑based forms of payroll for public companies.
Edward Wright, legislative aide to Supervisor Gordon Mar, said the proposal restores the 1.5% rate previously in place and would apply only to public companies’ stock‑based compensation. A controller memo on file estimated the initiative could raise between $50 million and $150 million annually.
Wright said the measure was drafted as a general tax (not a dedicated revenue stream) and was written to take effect regardless of outcomes for other payroll or gross‑receipts measures proposed for the ballot this fall.
Public comment: There were no callers in the queue during the public‑comment window for this item.
Committee action: After the presentation the committee voted to file the item. Filing does not enact the tax; instead, it places the measure on file for further procedural steps and for potential placement on the November ballot if sponsors pursue that path.
