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Controller: three commercial-rent proposals would raise $64M–$146M but impose modest net economic costs
Summary
The Controller’s Office told the Budget and Finance Committee that three competing commercial‑rent/gross‑receipts proposals would raise roughly $64M–$146M annually (based on 2016 data) and produce modest net negative impacts on jobs and GDP; the committee continued and later sent the early‑childhood proposal to the full Board for February 27.
The San Francisco Controller’s Office presented a comparative analysis of three competing commercial‑rent gross‑receipts proposals and their projected fiscal and economic effects, and the Budget and Finance Committee debated the measures and scheduling for the ballot.
Ted Egan of the Controller’s Office summarized the 2012 business tax reform that replaced a payroll tax with a phased‑in gross‑receipts system and described why the payroll tax has not fully phased out: the city has been gradually offsetting payroll reductions to maintain revenue neutrality. He then compared three proposed commercial-rent taxes under consideration by separate sponsors:
- The Peskin transportation proposal (broadest in scope) was estimated at roughly $103 million annually (2016 basis) and would fund…
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