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Budget panel amends business-tax measure to free blocked child‑care and homelessness funds and expand small‑business relief
Summary
The San Francisco Budget & Finance Committee on July 16 amended and advanced a Board‑backed business‑tax measure that would unlock voter‑approved child‑care and homelessness funds through a backstop tax, raise the small‑business exemption to $2 million, and phase industry rate increases over several years.
The San Francisco Budget and Finance Committee on July 16 voted to amend and advance a Board‑sponsored business‑tax ballot measure designed to repeal the payroll tax, shift to a gross‑receipts structure and free revenue currently impounded by litigation.
The measure, described by Board President Yee as the "Small Business and Economic Recovery Act," would create a backstop tax that would take effect only if courts strike down two 2018 voter measures. "This measure will free up 300,000,000 for the general funds by placing a back stop tax that only goes into effect if we lose the court cases," President Yee said during the meeting.
Why it matters: Sponsors said the package aims to provide immediate relief to small businesses and targeted…
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